Which of the Following Statements Regarding the Long-Term Equilibrium Is

question 48

Multiple Choice

Which of the following statements regarding the long-term equilibrium is TRUE?

• A) As new firms enter a market, each existing firm increases the quantity it produces.
• B) Firms leave a market if they are making zero economic profit.
• C) Entry and exit stop when firms are making an economic profit.
• D) Entry and exit stop when firms make zero economic profit.

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Definitions:

Equality Before The Law

The principle that all individuals, regardless of racial, social, or personal characteristics, should be treated equally by the legal system.

Ku Klux Klan

A white supremacist hate group originally founded in the United States in the 1860s, known for promoting racism, anti-Semitism, xenophobia, and violence against minority groups, particularly African Americans.

Democratic Politicians

Elected officials or candidates affiliated with the Democratic Party, one of the two major political parties in the United States, generally advocating for progressive policies.

Planters

Wealthy landowners in the agricultural sectors who owned large estates and often relied on slave labor before the Civil War.