Use the Following to Answer Questions

question 48

Multiple Choice

Use the following to answer questions:
Figure: The Market for Gas Stations
-(Figure: The Market for Gas Stations) Look at the figure The Market for Gas Stations. This market is characterized by many firms, differentiated products, easy entry, and easy exit. In long-run equilibrium, the economic profit earned by the typical gas station will be:

• A) equal to the level shown in the figure.
• B) negative.
• C) zero.
• D) Not enough information is given to answer the question.

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Definitions:

Surveys

A method of gathering information from individuals, usually by asking a series of questions, to collect data for analysis related to research or feedback purposes.

Personal Power

Power that is associated with admiration by others, which comes from such attributes as strength of character, passion, inspiration, or wisdom.

Position Power

Power that is related to the authority associated with a role or title and includes the power to manage people or command resources.

Informal Leader

A person who influences others within an organization or group without having a formal authority or position.