Which of the Following Is Characteristic of a Firm in a Competitive

question 38

Multiple Choice

Which of the following is characteristic of a firm in a competitive market?

• A) It cannot earn long-run economic profits.
• B) It cannot control its costs.
• C) It does not operate at a socially efficient output level.
• D) It cannot control output quantity.
• E) It can set the price at which its product sells.

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Definitions:

Receptor Cells

Specialized cells in the nervous system designed to respond to specific stimuli like light, sound, or chemicals, and convert them into neural signals.

Sense Of Taste

The sensory ability to discern different flavors and substances, primarily through the taste buds on the tongue.

Reproduce

The natural method through which new organisms are produced to guarantee the survival of a species.

Fragrant Odors

Smells that are pleasantly sweet or aromatic, often produced by flowers, herbs, spices, or essential oils.