When a Perfectly Competitive Industry Is in Long-Run Equilibrium,its Firms

question 285

Multiple Choice

When a perfectly competitive industry is in long-run equilibrium,its firms:

• A)earn more than zero economic profits.
• B)combine their variable and fixed resources inefficiently.
• C)are not in short-run equilibrium.
• D)allocate all of their resources efficiently.

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Definitions:

Extinction Spasm

Extinction Spasm is a rapid increase in the rate of extinction experienced by species within a relatively short geological period, often due to human activities.

Eco-Catastrophe

A major ecological disaster or event that causes significant harm to the environment and living organisms.

Bats

Flying mammals known for their echolocation capability, playing crucial roles in pollination, seed dispersal, and insect population control.

Extinction

The permanent loss of all members of a species, eliminating its presence from the Earth.