When Firms Are Neither Entering nor Exiting a Perfectly Competitive

question 100

Multiple Choice

When firms are neither entering nor exiting a perfectly competitive market,

• A)total revenue must equal total cost for each firm.
• B)economic profits must be zero.
• C)price must equal the minimum of marginal cost for each firm.
• D)Both a and b are correct.

---

Definitions:

Sequential Research Designs

Research methods that combine cross-sectional and longitudinal designs to analyze variables or groups at different intervals over time.

Cross-sectional

A type of observational study that analyzes data from a population, or a representative subset, at one specific point in time.

Longitudinal

A type of study or research design that follows subjects over a period of time, gathering data at multiple intervals to observe changes and developments.

Developmentally Delayed

A condition where a child does not reach their developmental milestones at the expected times, potentially indicating the need for intervention.