In the Long Run,each Firm in a Perfectly Competitive Industry

question 300

Multiple Choice

In the long run,each firm in a perfectly competitive industry will:

• A)earn only enough to cover the opportunity costs of all resources used in production.
• B)produce where MR is greater than MC.
• C)differentiate its goods.
• D)increase its price.

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Definitions:

Simple Phobias

Excessive and irrational fears of specific objects, activities, or situations, that can lead to severe anxiety when encountered.

Primary

Describes something that is of first importance or serves as the main focus.

Social

Relating to the organization and functioning of human society or the interactions between individuals.

Innate

Inborn; natural. Describing qualities, abilities, or knowledge present in an individual at birth.