Exhibit 8.11 -Refer to Exhibit 8.11,which Shows a Perfectly Competitive Firm in Perfectly

question 195

Multiple Choice

Exhibit 8.11

-Refer to Exhibit 8.11,which shows a perfectly competitive firm in an increasing-cost industry.Suppose long-run equilibrium settles at d_c.At point of c,in the long-run,the firm _____

• A)does not earn an economic profit.
• B)earns an economic profit.
• C)does not earn a normal profit.
• D)earns a normal profit.
• E)has a lower average total cost.

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Definitions:

Conscientious

Refers to a personality trait characterized by being diligent, careful, thorough, organized, and responsible in one's work or personal affairs.

Employees

Individuals who are hired by a business or organization to perform specific duties in exchange for compensation.

Contrasted

Highlighting the differences or distinctions between two or more items or concepts.

Power Differentials

The varying levels of influence or control between individuals or groups within a given context, often affecting interactions and outcomes.