There Is Potential for Long-Run Economic Profits in All Market

question 15

Multiple Choice

There is potential for long-run economic profits in all market structures EXCEPT

• A) oligopoly, monopolistic competition, and perfect competition.
• B) perfect competition and monopolistic competition.
• C) perfect competition.
• D) monopoly and oligopoly.

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Definitions:

Norms

Norms are shared expectations and rules that guide behavior within a society, acting as informal guidelines on what is considered acceptable.

Shared Rules

Commonly agreed-upon guidelines or principles that govern behavior within a group or society, similar to norms.

Behavior

Actions or reactions of an individual or group in response to external or internal stimuli, observable through various forms of expression.

Taboos

Social or cultural prohibitions or restrictions that dictate certain behaviors, practices, or discussions are unacceptable or forbidden within a community or society.