If a Firm Is in a Perfectly Competitive World but Decides

question 77

Multiple Choice

If a firm is in a perfectly competitive world but decides to charge a higher price than its competitors,

• A) the firm's profits will be zero or negative, and the firm will fail in the long run.
• B) the firm's profits will be zero or negative, and the firm will fail in the short run.
• C) the firm's profits will be positive or negative, and the firm will fail in the short run.
• D) the firm's profits will be positive or negative, and the firm will fail in the long run.

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Definitions:

Americans With Disabilities Act

A civil rights law, enacted in 1990, that prohibits discrimination against individuals with disabilities in all areas of public life.

Disabled Individuals

Persons with impairments that substantially limit major life activities, including physical and mental disabilities.

Major Life Activities

Functions such as walking, talking, seeing, and learning that are significant actions considered essential for daily life; relevant in legal contexts concerning disability.

Civil Rights Act

Legislation aimed at eliminating discrimination based on race, color, religion, sex, or national origin, and ensuring equal opportunity in employment, voting, and education.