You Can Tell a Firm Is Operating in a Market

question 143

Multiple Choice

You can tell a firm is operating in a market that is in long-run competitive equilibrium if:

• A) economic profits are positive.
• B) economic profits are negative.
• C) your accountant tells you profits are negative.
• D) your accountant tells you profits are zero.
• E) economic profits are zero.

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Definitions:

Nephron

The fundamental unit of structure and function in the kidney, tasked with purifying blood and generating urine.

Metabolism

The set of life-sustaining chemical reactions in organisms that enable the conversion of food to energy, the construction of proteins and nucleic acids, and the elimination of nitrogenous wastes.

Lasix

A diuretic medication used to treat fluid build-up and swelling caused by congestive heart failure, liver disease, or kidney disease.

Diuretic

A substance that increases urine production by the kidneys, helping the body eliminate excess fluid.