In Perfect Competition,the Assumption of Easy Entry and Exit Implies

question 64

Multiple Choice

In perfect competition,the assumption of easy entry and exit implies that,in the _____ run,all firms in the industry will earn _____ economic profits.

• A)long;zero
• B)short;positive
• C)short;zero
• D)long;positive

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Definitions:

Default Value

A predefined setting or value automatically assigned to a software application, computer program, or device, typically operational until changed by the user.

Sclerenchyma

A type of plant tissue composed of thick-walled, dead cells that provide structural support.

Meristems

Regions of plant growth where undifferentiated cells continue to divide and contribute to the formation of new organs.

Trichomes

Hairlike outgrowths on the epidermis of plants that serve various functions, including defense against pests and protection from excessive transpiration.