In the Long Run,in a Perfectly Competitive Industry,________ Are Zero

question 2

Multiple Choice

In the long run,in a perfectly competitive industry,________ are zero.

• A) economic profits
• B) costs of production
• C) average total costs
• D) prices
• E) variable costs

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Definitions:

Ordinal

Pertaining to a category of data or scale type that expresses a sequential order without indicating the exact difference between the levels.

Trait Approach

A psychological perspective emphasizing that personality is composed of stable characteristics (traits) that influence an individual's thoughts, feelings, and behaviors.

Absolute Levels

Absolute levels are fixed reference points or values that remain constant across different contexts or comparisons, often used in measurements or evaluations.

Individual Differences

Variability or variation among individuals in terms of their attributes, behavior, or personality.