When Considering Perfect Competition the Absence of Entry Barriers Implies

question 369

Multiple Choice

When considering perfect competition the absence of entry barriers implies that

• A) no firm can enter the industry.
• B) firms can enter but cannot get out of the industry easily.
• C) all firms will earn economic profit.
• D) firms can enter and leave the industry without serious impediments.

---

Definitions:

Classical Studio Era

Period in Hollywood history, approximately from the 1920s to the 1950s, characterized by films produced and distributed by a few major studios.

Major Motion Pictures

Films produced by large studios with significant budgets, typically featuring well-known actors, and intended for a wide theatrical release.

Middle-management Executive

A professional who manages the day-to-day operations of a company and is responsible for bridging the gap between the executive management and the company's lower-level employees.

Boss's Affair

A secretive romantic or sexual relationship involving someone's supervisor, often leading to workplace complications or scandals.