In the Long Run, the Firms in a Perfectly Competitive

question 369

Multiple Choice

In the long run, the firms in a perfectly competitive market

• A) maximize their profit.
• B) make an economic profit.
• C) display price setting behavior.
• D) are protected by barriers to entry.

---

Definitions:

Injunctive Norms

Social rules that dictate what behaviors are typically approved or disapproved of within a community or society.

Norm Salience

Describes the degree to which social norms are noticeable or prominent to individuals in a given context, influencing their behavior.

Jigsaw Classroom Learning Technique

A cooperative learning technique where students are divided into small groups, each learning a different segment of material, then regrouping to share their learning with peers.

Academic Social-networking Technique

Use of social networking strategies and platforms to enhance academic learning and knowledge sharing.