In a Long-Run Perfectly Competitive Equilibrium

question 229

Multiple Choice

In a long-run perfectly competitive equilibrium,

• A)the typical firm will earn an economic profit
• B)price exceeds marginal cost
• C)barriers to entry are established by entrenched firms
• D)the typical firm will earn a normal profit
• E)marginal cost exceeds average cost

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Definitions:

Fear Conditioning

A behavioral paradigm in which organisms learn to predict aversive events, linking a neutral stimulus with a fear-inducing situation.

Aversive CS

A conditioned stimulus that predicts an unpleasant outcome, leading to aversive learning.

Neutral US

Refers to a stimulus that does not initially elicit a strong emotional or physiological response, used in behavioral conditioning experiments.

Conditioned Response

A conditioned reaction developed in response to a previously irrelevant stimulus after its frequent association with a stimulus that elicits an automatic response.