When Free Entry Is One of the Attributes of a Market

question 73

Multiple Choice

When free entry is one of the attributes of a market structure, economic profits are:

• A)eventually driven to zero
• B)negative for all firms
• C)never above or below zero
• D)always positive

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Definitions:

Postponement

A strategy delaying the final stages of production or distribution to better match product variety with customer demand.

Optimal Number

Describes the best or most efficient amount or level of something (e.g., inventory, employees) for achieving a specific goal or maximizing performance.

Supply Chain Management

Supply Chain Management is the coordinated management of the processes and functions involved in producing and delivering goods or services from suppliers to customers.

Souvenirs

Items purchased or collected as reminders of a particular place, event, or experience, often associated with tourism.