An Implication of Entry and Exit in Response to the Profit

question 111

Multiple Choice

An implication of entry and exit in response to the profit incentive is that,for perfectly competitive firms,

• A)no firm accepts zero economic profits in the long run.
• B)firms produce the quantity that minimizes average variable costs in the short run.
• C)firms produce the quantity that minimizes average total costs in the long run.
• D)demand is completely inelastic.

Understand and calculate probabilities associated with discrete random variables.

Recognize and define the concept of a probability distribution and its importance.

Differentiate between false positives and false negatives in screening tests.

Apply probability rules to find expected values in real-world scenarios.

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Definitions:

Mouth

In humans, organ of the digestive tract where food is chewed and mixed with saliva.

pH

A scale used to specify the acidity or basicity of an aqueous solution, with lower values being more acidic and higher values more basic.

Protein Digestion

The process of breaking down proteins into their constituent amino acids or peptides, primarily in the stomach and small intestine.

Pepsin

An enzyme in the stomach that breaks down proteins into peptides, initiating the digestion process.