A Perfectly Competitive Firm Can Continue to Earn Above-Normal Profit

question 72

Multiple Choice

A perfectly competitive firm can continue to earn above-normal profit in the long run

• A)if it has a continued technical advantage over other firms in the market and it is able to keep that advantage a secret
• B)if it has employees that are substantially more efficient than other firms' workers
• C)if its centralized location reduces its transportation costs below those of other firms
• D)if it has easier access to necessary raw materials
• E)under no circumstances

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Definitions:

General Psychology

The scientific study of mind and behavior, encompassing various aspects of conscious and unconscious experience as well as thought.

Psychobabble

A term used pejoratively to describe the misuse of psychological terminology, often in a way that is vague or meaningless.

Scientific Psychology

The study of mind and behavior through systematic observation, experimentation, and analysis to understand psychological phenomena.

Research Dissertation

An extensive, original, and scholarly research project undertaken as part of an academic degree, presenting the author's findings and theories.