Which of the Following Is False of Perfectly Competitive Firms

question 49

Multiple Choice

Which of the following is false of perfectly competitive firms?

• A) As new firms enter an industry where sellers are earning economic profits, the result will include a reduction in the equilibrium price.
• B) In a constant-cost industry, the industry does not use inputs in sufficient quantities to affect input prices.
• C) In a constant-cost competitive industry, the long-run effect of an increase in demand is an increase in industry output but no change in the industry price.
• D) All are true.

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Definitions:

Hypnotic Medication

Drugs prescribed to induce sleep or sedation, helping to manage insomnia or surgical procedures.

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A condition characterized by less frequent than normal defecation, which can be subjective based on individual patterns.

Hard Feces

Solid bodily waste that is difficult to pass, often indicating constipation.

Enema

A procedure involving the introduction of liquid into the rectum to stimulate bowel movement or administer medication or nutrition.