In a Perfectly Competitive Industry Over the Long Run, Competition

question 28

Multiple Choice

In a perfectly competitive industry over the long run, competition ensures that goods sold to consumers will be produced at _____________________ cost.

• A) the lowest possible
• B) zero
• C) the highest possible

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Definitions:

Temperament

An individual's innate disposition or behavior style, influencing how they react to the environment and regulate emotions.

Behavioral Style

An individual's typical mode of responding or behaving across different situations; their characteristic manner of acting, reacting, and interacting.

Difficult

Characterized by challenges or obstacles that make a task hard to accomplish.

Chess and Thomas

Refers to Stella Chess and Alexander Thomas, developmental psychologists known for their research on temperament in children.