Which of the Following Is a Characteristic of a Firm

question 57

Multiple Choice

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

• A)The firm cannot make a profit in the short run because it is too small a part of the total market.
• B)The firm can make a profit in the long run but not in the short run.
• C)The firm can sell as much as it wants without having to lower its price.
• D)The firm must lower its price in order to increase quantity demanded.

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Definitions:

Innate Capabilities

Refers to abilities or skills that an individual is born with, suggesting a natural predisposition that is not learned or acquired.

Kurt Fischer

An influential developmental psychologist known for his dynamic skills theory, which integrates cognitive development with brain growth and emotional development.

Cognitive Development

The process of growth and change in intellectual capabilities such as thinking, reasoning, and understanding.

Domain-Specific Insights

Knowledge or understanding that is specific to a particular field or area of interest, rather than general or across multiple domains.