In Short-Run Equilibrium in a Perfectly Competitive Market

question 175

Multiple Choice

In short-run equilibrium in a perfectly competitive market,

• A)each firm earns an economic profit
• B)each firm earns a normal profit
• C)firms shut down if price exceeds average total cost
• D)each firm takes consumers' marginal utility as given
• E)peach firm takes the market price as given

---

Definitions:

Ear Canal

The narrow passage leading from the outer ear to the eardrum, through which sound waves are directed.

Soft Contact Lens

A type of contact lens that is made from soft, flexible plastics that allow oxygen to pass through to the cornea of the eye.

Cleansing Solution

A chemical mixture used to clean or disinfect surfaces and objects.

Saline

A solution of salt in water, often used in medical treatments for hydration or as a solvent for medications.