We Assume That in the Long Run in a Perfectly

question 146

Multiple Choice

We assume that in the long run in a perfectly competitive market:

• A) the firms can enter or exit.
• B) the number of firms is fixed.
• C) the price will be constant.
• D) collusion will set in without government regulation.

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Definitions:

People

Human beings collectively, considered as the members of a community, society, or workforce.

Policy Change

A modification or adjustment to existing rules, protocols, or regulations within an organization, system, or government.

Low-Income Families

Households earning significantly below the average income level, often facing financial hardship and limited access to resources.

Equitable

Pertains to fairness or impartiality in the distribution of benefits and burdens within society.