There Are Many Reasons Why a Firm Can Earn Above-Normal

question 103

Multiple Choice

There are many reasons why a firm can earn above-normal profits.These reasons include all of the following except:

• A)access to superior labor or managerial talents
• B)superior access to financial resources at lower costs
• C)patent control of superior product designs
• D)ability of new firms to acquire necessary factors of production

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Definitions:

Ethical Review Board

A committee tasked with reviewing research proposals to ensure that ethical standards are met and that participants are protected from harm.

Physical Risk

The possibility of sustaining bodily injury or harm during the performance of an activity or due to exposure to physical hazards.

Monetary Cost

The amount of money that must be paid to buy, maintain, or use something.

Informed Consent

Informed consent is a process in which researchers provide potential participants with all relevant information about a study, ensuring they understand the risks and benefits before agreeing to participate.