Which of the Following Is True of a Long-Run Competitive

question 7

Multiple Choice

Which of the following is true of a long-run competitive equilibrium?

• A)The market has a horizontal long-run supply curve.
• B)Inputs employed in the industry cannot earn more in other industries.
• C)Firms in the market earn high abnormal profits.
• D)Firms face constant input costs irrespective of the output level.

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Definitions:

Stereotype Threat

The risk of confirming negative stereotypes about one's group, which can impact performance in a variety of settings.

Low Heritability

Low Heritability indicates that genetic factors contribute minimally to the variation in a trait or condition among individuals in a population, with environmental factors playing a larger role.

Cognition

The process of obtaining knowledge and insight by means of thinking, going through experiences, and the use of the senses.

Communicating

The process of conveying information, thoughts, or feelings through speech, signals, writing, or behavior to achieve mutual understanding.