In the Long Run the Perfect Competitor Makes

question 117

Multiple Choice

In the long run the perfect competitor makes

• A)zero economic profits and zero accounting profits.
• B)some economic profits but zero accounting profits.
• C)some accounting profits but no economic profits.
• D)some accounting profits and some economic profits.

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Definitions:

Likability

The quality that makes a person pleasant, friendly, and easy to like.

Mere Exposure Effect

The mere exposure effect is a psychological phenomenon where people tend to develop a preference for things merely because they are familiar with them.

Soft-Drink Companies

Businesses that manufacture and market non-alcoholic beverages, especially carbonated drinks.

Elaboration Likelihood Model

A theory that explains how people are persuaded, describing two paths of persuasion: the central route and the peripheral route.