In the Long Run,a Perfectly Competitive Firm Will

question 128

Multiple Choice

In the long run,a perfectly competitive firm will

• A) be able to make an economic profit.
• B) produce but incur an economic loss.
• C) make zero economic profit.
• D) not produce and will incur an economic loss equal to its total fixed cost.
• E) not produce but not incur an economic loss.

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Definitions:

Sole Bargaining Agent

The exclusive union designated to represent and negotiate on behalf of all employees in a bargaining unit, regardless of union membership.

National Labor Relations Act

A foundational statute of US labor law which protects the rights of employees and employers, encourages collective bargaining, and curtails certain private sector labor and management practices.

Supreme Court

The highest federal court in the United States, which has the ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Railroad Industry

Comprises companies and organizations involved in the operation of railroads for the transportation of goods and passengers.