Assume That All Firms in This Industry Have Identical Cost

question 53

Multiple Choice

Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. In the long run, how much profit will each firm in this industry earn each week?

• A)$0
• B)$1,000
• C)$1,500
• D)$2,000

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Definitions:

ΔS°

Represents the standard entropy change of a reaction, indicating the variation of randomness or disorder in a system at standard conditions.

Combustion

A chemical reaction where a substance combines with oxygen to release heat and often light.

Bond Dissociation Energies

The energy required to break a bond homolytically, resulting in two radical fragments, important for understanding reaction kinetics.

ΔH°

The standard enthalpy change of a reaction, measured under standard conditions (1 bar, 298.15K), representing the heat absorbed or released.