If Firms in an Industry Produce Differentiated Products,they Are Likely

question 65

Multiple Choice

If firms in an industry produce differentiated products,they are likely to _____

• A)earn zero economic profit in the long run.
• B)earn positive economic profit in the short run.
• C)face perfectly elastic demand curves.
• D)face downward-sloping demand curves.
• E)incur lower production costs.

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Definitions:

Openness To Experience

A personality trait that involves a willingness to consider new ideas, experiences, and various forms of intellectual and cultural exploration.

Middle Age

The period of adulthood roughly between the ages of 40 and 65, often associated with adjustments to aging and potential midlife crisis.

Job Satisfaction

The level of contentment employees feel about their work, which can influence their motivation, performance, and likelihood to remain in a job.

Five-Factor Model

A model describing human personality through five broad domains: openness, conscientiousness, extraversion, agreeableness, and neuroticism.