In a Perfectly Competitive Market, the Process of Entry and Exit

question 340

Multiple Choice

In a perfectly competitive market, the process of entry and exit will end when

• A)price equals minimum marginal cost.
• B)marginal revenue equals marginal cost.
• C)economic profits are zero.
• D)accounting profits are zero.

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Definitions:

Entrepreneurs

Individuals who initiate, manage, and take the risk of starting and running a new business.

70 Hours

Without context, it's unclear; could refer to a specific workweek duration in certain industries or regulations limiting working hours.

Business Idea

A concept that can be used for financial gain, typically centered around a product or service that can be offered to the market.