A Purely Competitive Firm Is Precluded from Making Economic Profits

question 95

Multiple Choice

A purely competitive firm is precluded from making economic profits in the long run because

• A)it is a "price taker."
• B)its demand curve is perfectly elastic.
• C)of unimpeded entry to the industry.
• D)it produces a differentiated product.

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Definitions:

Musical Instrument

An object or device created or adapted to produce musical sounds.

Grand Piano

A large, full-bodied musical instrument with horizontally strung strings, producing a wide range of piano sounds.

Electronic Keyboard

An Electronic Keyboard is a musical instrument that uses electronic circuits to generate sounds in various tones and rhythms.

Essential Core

The fundamental and most important component or aspect of something.