In a Perfectly Competitive Market, the Process of Entry and Exit

question 340

Multiple Choice

In a perfectly competitive market, the process of entry and exit will end when

• A)price equals minimum marginal cost.
• B)marginal revenue equals marginal cost.
• C)economic profits are zero.
• D)accounting profits are zero.

---

Definitions:

ABC Model

A cognitive-behavioral model that describes the relationship between activating events, beliefs, and consequences in understanding human behavior.

Attitudes

A settled way of thinking or feeling about someone or something, typically reflected in a person's behavior.

Feeling States

Emotional conditions or responses that are experienced by individuals, influenced by external and internal factors.

Physiological Tendencies

Inherent biological or bodily inclinations that influence behavior, reactions, and physical states of an individual.