Which of the Following Statements Applies to a Purely Competitive

question 35

Multiple Choice

Which of the following statements applies to a purely competitive producer?

• A) It will not advertise its product.
• B) In long-run equilibrium, it will earn an economic profit.
• C) Its product will have a brand name that elicits customer loyalty.
• D) Its product is slightly different from those of its competitors.

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Definitions:

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the 1930s to alleviate the effects of the Great Depression.

Allied Campaign In Italy

A series of military operations during World War II where Allied forces invaded and fought their way through Italy against Axis powers, starting in 1943.

D-Day

June 6, 1944, when an Allied amphibious assault landed on the Normandy coast and established a foothold in Europe, leading to the liberation of France from German occupation.

Unemployment Declined

A situation where the rate of unemployment decreases, indicating a period of economic growth or recovery.