When Firms in a Competitive Market Have Different Costs, It

question 144

Multiple Choice

When firms in a competitive market have different costs, it is likely that:

• A)the market will no longer be considered competitive
• B)free entry and exit in the market is likely to be violated
• C)some firms will earn economic profits in the long run
• D)long-run market supply will be downward-sloping

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Definitions:

Sigmund Freud

An Austrian neurologist and the founder of psychoanalysis, a clinical method for treating psychopathology through dialogue between a patient and a psychoanalyst.

Emotional Socialization

The process through which individuals learn and internalize the emotions and emotional responses considered appropriate within their culture.

Emotion Work

The effort to manage one's own emotions to meet the emotional requirements of a job or social roles.

Display Rules

Sociocultural norms that dictate appropriate emotional expressions in various contexts.