In the Long Run, Neither Competitive Price Takers nor Competitive

question 17

Multiple Choice

In the long run, neither competitive price takers nor competitive price searchers will be able to earn economic profits because

• A) entry barriers into these markets are high, raising the costs of each firm.
• B) the government will dictate moderate prices for these firms.
• C) competition will force prices down to the level of per-unit production costs.
• D) marginal revenue is always less than marginal cost when barriers to entry are low.

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Definitions:

Talking Ability

The capacity or skill to communicate effectively and articulately in spoken language.

Take for Granted

Assuming something to be true without question or appreciation, often overlooking its value or importance.

Techniques of Good Talking

Methods or practices that enhance verbal communication skills, including clarity, empathy, and effective listening.

Adaptation

Adaptation involves the process of modifying something to suit a new environment or different conditions, often for improved functionality or survival.