In the Long Run

question 290

Multiple Choice

In the long run,

• A)competitive firms' profits are zero.
• B)competitive firms' variable costs are zero.
• C)competitive firms' ATC curves shift upward or downward to ensure that all demand is satisfied.
• D)the number of firms in the market is fixed.

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Definitions:

MBTI

The Myers-Briggs Type Indicator, a personality test that categorizes individuals into 16 personality types based on their preferences in perceiving the world and making decisions.

Sensing/Intuition

A concept often used in personality assessments to describe how individuals perceive and process information—sensing refers to perceiving through the five senses, while intuition involves seeing the big picture and patterns.

Internal/External Locus

Refers to the degree to which individuals believe they have control over events affecting them. Internal locus means believing one can control events, while external locus means belief that external forces control outcomes.

Self-Concept

An individual's perception of themselves, encompassing beliefs, feelings, and thoughts about one’s abilities and attributes.