In the Long Run,new Firms Enter a Perfectly Competitive Market

question 190

Multiple Choice

In the long run,new firms enter a perfectly competitive market when

• A) normal profit is greater than zero.
• B) economic profit is equal to zero.
• C) normal profit is equal to zero.
• D) economic profit is greater than zero.
• E) the existing firms are weak because they are incurring economic losses.

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Definitions:

Acoustic Coding

A process by which information is represented and remembered in the form of sound, important in verbal memory.

Long-term Memory

A type of memory capable of storing large amounts of information for long periods of time, sometimes indefinitely.

Simonides

Simonides was an ancient Greek lyric poet, credited with significant contributions to the mnemonics field, particularly the method of loci, an effective memory enhancement technique.

Method Of Loci

A mnemonic technique that involves associating items to be remembered with physical locations.