In the Long Run

question 47

Multiple Choice

In the long run

• A) firms have the ability to enter or exit the industry.
• B) firms are able to alter some, but not all, of their resources.
• C) firms are unable to adjust their output choices.
• D) None of the above are correct.

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Definitions:

Moral Sentiment

An emotional response that informs or is related to one's sense of right and wrong.

Shame

A feeling resulting from the violation of a social norm.

Ethical Subjectivist

The belief that moral judgments are statements of one's feelings or attitudes, and therefore, are neither true nor false.

Right

Morally good, justified, or acceptable; also refers to a legal entitlement or privilege.