The Perfectly Competitive Widget Industry Is in Long-Run Equilibrium

question 91

Multiple Choice

The perfectly competitive widget industry is in long-run equilibrium.A profit-maximizing manufacturer receives total revenue of $55,000.He uses his labor, $15,000 worth of wire, and $15,000 worth of steel to make the widgets.The manufacturer

• A)is earning an economic profit of $25,000.
• B)must have an opportunity cost of labor of less than $25,000.
• C)must have an opportunity cost of labor of exactly $25,000.
• D)must have an opportunity cost of labor of more than $25,000.

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Definitions:

Humoral Immunity

An aspect of the immune system mediated by molecules in the blood or mucosal secretions, including antibodies produced by B cells, that fights against pathogens.

Cellular Immunity

A part of the immune response that involves the activation of immune cells to defend the body against pathogens, distinct from antibody-mediated immunity.

T and B Lymphocyte

Types of white blood cells that play crucial roles in the immune system; T lymphocytes help regulate immune responses, whereas B lymphocytes produce antibodies.

AIDS

Acquired Immunodeficiency Syndrome (AIDS) is a chronic, potentially life-threatening condition caused by the human immunodeficiency virus (HIV), which damages the immune system and impairs the body's ability to fight infections and disease.