If Long-Run Equilibrium Is Present in a Competitive Market, the Typical

question 147

Multiple Choice

If long-run equilibrium is present in a competitive market, the typical firm in the market will be

• A) making economic losses.
• B) making zero economic profit.
• C) making economic profit.
• D) making a rate of return that is higher than the rate earned in other industries.
• E) both c and d are correct.

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Definitions:

Thrombin

An enzyme in blood plasma that causes the clotting of blood by converting fibrinogen to fibrin.

Phagocytotic Cells

Cells that protect the body by ingesting harmful foreign particles, bacteria, and dead or dying cells.

Monocytes

A form of leukocyte crucial to the immune system, as it evolves into macrophages and dendritic cells.

Neutrophils

A type of white blood cell that helps the body fight infections by engulfing and destroying bacteria and fungi.