If Kang's Knick-Knacks Is a Perfectly Competitive Firm and Is

question 23

Multiple Choice

If Kang's Knick-Knacks is a perfectly competitive firm and is making zero economic profits,

• A) firms will enter the market.
• B) firms will exit the market.
• C) Kang's Knick-Knacks will stay in the market.
• D) the market supply curve will shift to the left.
• E) the market supply curve will shift to the right.

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Definitions:

Cannon-Bard Theory

A theory of emotion that suggests emotions and bodily changes occur simultaneously, not sequentially.

Subcortical Brain Activity

Neural processes happening below the cerebral cortex involved in basic life functions, emotions, and reactions.

Selye Calls Hassles

Minor everyday stressors or annoyances as identified by Hans Selye in his research on stress.

Dweck's Concept

Refers to Carol Dweck's theory of mindset, suggesting that individuals can be categorized based on their beliefs about where ability comes from, including fixed and growth mindsets.