In the Short Run, If a Perfectly Competitive Firm Is

question 110

Multiple Choice

In the short run, if a perfectly competitive firm is producing at a price above average total cost, its economic profit must be:

• A) positive.
• B) zero.
• C) negative.
• D) normal.

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Definitions:

Self-Serving Attribution

A common tendency to attribute successes to personal characteristics and failures to external factors.

Internal Attribution

The process of explaining one's own or others' behavior as due to personal, intrinsic factors.

External-Unstable

A causation attribution in psychology where an individual attributes events to causes outside themselves that are variable or subject to change.

Internal-Stable

A characteristic or attribute that is considered innate and constant within an individual or situation.