When Firms Are Neither Entering nor Exiting a Perfectly Competitive

question 184

Multiple Choice

When firms are neither entering nor exiting a perfectly competitive market:

• A)total cost must exceed total revenue
• B)economic profits must be zero
• C)banks must be unprepared to forgive bad debts
• D)regulations to enter the market must be very onerous

---

Definitions:

Panic Attack

A sudden episode of intense fear or acute discomfort, accompanied by physical symptoms such as heart palpitations, chest pain, and shortness of breath.

Heart Attack

A medical condition that occurs when the blood flow to the heart is blocked, often due to a blood clot, leading to damage or death of heart muscle.

Biological Model

A perspective in psychology and medicine that attributes psychological disorders and behaviors to biological factors such as genetic influences, brain chemistry, and anatomy.

Psychological Disorders

Mental health conditions characterized by dysregulation of mood, thought, or behavior, recognized by standardized diagnostic criteria.