The Elimination Principle, a General Feature of Competitivemarkets, Tells Us

question 1

Multiple Choice

The elimination principle, a general feature of competitivemarkets, tells us that:

• A)below-normal profits may be permanent.
• B)above-normal profits may be permanent.
• C)above-normal profits are temporary.(True Answer )Correct
• D)above-normal profits result in firms exiting the industry.

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Definitions:

20/600

20/600 refers to a level of visual acuity where an individual can only see at 20 feet what a person with normal vision can see at 600 feet, indicating severe visual impairment.

Vision at Birth

The initial state of visual capability in newborns, which is limited but improves rapidly during the first few months.

Resistant

The quality of not yielding under pressure or the capacity to withstand something, such as a substance not affected by a chemical.

Avoidant

Referring to a behavior or an attachment style characterized by the desire to avoid closeness or emotional connection with others, often due to fear of rejection or discomfort.