Which of the Following Statements About Perfectly Competitive Markets Is

question 76

Multiple Choice

Which of the following statements about perfectly competitive markets is not correct?

• A)In the short run,firms can earn economic profits or suffer economic losses.
• B)The market demand curve is downward sloping.
• C)The demand curve facing an individual firm is perfectly elastic.
• D)In the long run,firms can earn economic profits or suffer economic losses.
• E)In the long run,firms can enter or exit the market.

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Definitions:

IR Spectroscopy

A technique used in chemistry to identify molecular structures by measuring the absorption of different frequencies of infrared light, providing information about functional groups present.

IR Absorption

A phenomenon where molecules absorb infrared radiation at specific wavelengths, corresponding to vibrations of their chemical bonds; used in spectroscopy for molecule identification.

Characteristic Stretch

The specific frequency at which molecular bonds stretch during IR absorption, indicative of certain functional groups.

Characteristic Stretch

Specific vibrations in molecules, observed in infrared spectroscopy, that are associated with particular functional groups and bonds within the molecule.