In a Perfectly Competitive Industry, Long-Run Economic Profits Cannot Be

question 6

Multiple Choice

In a perfectly competitive industry, long-run economic profits cannot be sustained because

• A) firms are small relative to the size of the market.
• B) products are homogeneous.
• C) there are many customers.
• D) there are no barriers to entry.

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Definitions:

Gender Role

The set of social and behavioral norms that are considered appropriate for individuals of a specific sex in the context of a specific culture, which differ widely between cultures and over time.

Gender Typing

Gender typing encompasses the acquisition of a traditional gender role, involving the behaviors, beliefs, and attitudes that society considers appropriate for males or females.

Neuroticism

A personality trait characterized by anxiety, fear, moodiness, worry, envy, frustration, jealousy, and loneliness.

X Chromosome

The sex chromosome found in both men and women. Females have two X chromosomes; males have one. An X chromosome from each parent produces a female child.