The Number of Firms in a Perfectly Competitive Market

question 76

Multiple Choice

The number of firms in a perfectly competitive market:

• A)is fixed in the short run.
• B)varies in the long run.
• C)varies in the short run.
• D)is the same at all possible long-run equilibria.

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Definitions:

Farm Product

Goods generated from agriculture, including crops and livestock, intended primarily for consumption and use.

U.S. Farm Exports

Products of agricultural origin that are sent from the United States to other countries for sale or trade.

Chronic Illness

A long-term health condition that persists for months or years, often requiring ongoing medical attention and affecting daily living.

Social Support

The perception and actuality that one is cared for, has assistance available from other people, and that one is part of a supportive social network.