A Firm Will Only Earn Normal Profit in the Long

question 189

Multiple Choice

A firm will only earn normal profit in the long run

• A)if firms can freely enter or leave the market
• B)if firms do not try to maximize profit
• C)only if the industry is perfectly competitive
• D)whenever products are not differentiated
• E)if barriers to entry exist

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Definitions:

Low-power Positions

Situations or roles where an individual or group possesses limited influence, authority, or resources, affecting their ability to assert needs or make decisions.

Executor

An individual appointed to execute, or carry out, the instructions of a will.

Estate

Legal term referring to the assets and liabilities of a deceased person, or, more broadly, the collective assets and resources owned by an individual.

Boss

A person in charge of a worker or organization.