Which of the Following Is a Characteristic of a Firm

question 57

Multiple Choice

Which of the following is a characteristic of a firm in a perfectly competitive market?

• A)The firm cannot make a profit in the short run because it is too small a part of the total market.
• B)The firm can make a profit in the long run but not in the short run.
• C)The firm can sell as much as it wants without having to lower its price.
• D)The firm must lower its price in order to increase quantity demanded.

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Definitions:

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and forced to perform labor or services without compensation.

Wilkes

Refers to John Wilkes, an English radical, journalist, and politician in the 18th century known for his advocacy for freedom of the press and electoral reform.

Indigenous People

Ethnic groups who are the original inhabitants of a given region, having pre-colonial historical ties to the land and distinct cultural, social, and economic practices.

Social Classes

Categorizations of individuals and groups based on economic, occupational, or social status within society.