Which of the Following Statements About Pure Competition in the Long

question 173

Multiple Choice

Which of the following statements about pure competition in the long run is not true?

• A) Entry and exit of firms will push economic profits of firms in the industry toward zero.
• B) Entry and exit of firms will shift the demand curve facing the representative firm in the industry.
• C) The long-run adjustment in pure competition happens through shifts in the industry supply curve.
• D) The long-run adjustment in pure competition happens through shifts in the industry demand curve.

Understand the application of the parol evidence rule to oral warranties and express disclaimers.

Comprehend the application of comparative negligence in strict liability cases.

Recognize the origins of the warranty of merchantability and its distinctions.

Grasp the requirements and implications of Section 402A of the Restatement of the Law of Torts concerning product liability.

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Definitions:

Self-Regulation

The process by which an individual controls their behavior, emotions, and thoughts towards achieving long-term goals.

Capacity For Change

The potential or ability of an individual or system to modify its attributes or behavior in response to external conditions or stimuli.

Willpower

The ability to resist short-term temptations in order to meet long-term goals.

Habits Frequently

Regular patterns of behavior that are often carried out subconsciously and become routine through frequent repetition.