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:

Recycled

Materials that have been processed and transformed into new products after being discarded, reducing waste and conserving natural resources.

Composted

Subjected to composting, the process of recycling organic waste into a nutrient-rich soil amendment through controlled decomposition.

Low-Waste Approach

A strategy aimed at minimizing the generation of waste through methods such as recycling, reuse, and reduced consumption.

Bury the Waste

A method of waste disposal where trash is deposited and covered with soil in landfills, aiming to minimize its impact on the environment.