In the Long Run in a Perfectly Competitive Industry

question 179

Multiple Choice

In the long run in a perfectly competitive industry

• A) opportunity costs are negligible.
• B) economic profits will be zero.
• C) some firms will be experiencing economic losses.
• D) only entrepreneurs will earn more than their opportunity costs.

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Definitions:

Abdominal Cavities

Regions within the abdomen that house major organs, divided primarily into the peritoneal cavity, pelvic cavity, and retroperitoneal space.

Red Pulp

Reddish brown substance of the spleen consisting of venous sinuses and the tissues intervening between them, called pulp cords.

White Pulp

A lymphoid tissue in the spleen involved in producing and maturing immune cells, particularly lymphocytes.

Pharynx

The pharynx is a musculomembranous tube that connects the nasal and oral cavities to the esophagus and larynx, serving as a passageway for air and food.