If an Industry Is in Long-Run Perfectly Competitive Equilibrium

question 245

Multiple Choice

If an industry is in long-run perfectly competitive equilibrium

• A)all firms will be earning economic profits.
• B)most firms will be earning economic profits.
• C)a few firms will be earning economic profits.
• D)no firm will be earning an economic profit.

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Definitions:

Ground Beef

Meat that has been finely chopped by a meat grinder or a chopping knife, typically made from beef, but can be from other meats.

Framing

The way an issue is posed; how an issue is worded can significantly affect decisions and judgments.

Winter Coat

A piece of outerwear designed to keep the body warm during cold weather conditions.

Framing

The way information is presented to influence perception and choices.