In the Long Run,a Perfectly Competitive Firm

question 250

Multiple Choice

In the long run,a perfectly competitive firm

• A) can make either an economic profit or a normal profit.
• B) incurs an economic loss.
• C) makes zero economic profit.
• D) can make an economic profit, zero economic profit, or incur an economic loss.
• E) makes an economic profit.

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Definitions:

Competent Parties

Individuals or entities that are legally capable of entering into a contract, meaning they have the mental capacity and legal authority to do so.

Economic Duress

This involves the use of unlawful pressure or threats by one party to compel another party to act in a way that is against their will or financial interest.

Subjective Evidence

Information or proof based on personal feelings, opinions, or tastes, rather than concrete facts.

Acquiesce

The reluctant acceptance or agreement without protest, often implicitly.