Which Characteristic of Competitive Markets Is Mainly Responsible for Firms

question 148

Multiple Choice

Which characteristic of competitive markets is mainly responsible for firms making zero economic profits in the long run?

• A) many buyers
• B) many sellers
• C) similar goods
• D) differentiated goods
• E) easy entry into and exit from the market

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Definitions:

Rib Cage

The skeletal structure surrounding the chest cavity that protects the heart, lungs, and other organs; made up of ribs, sternum, and costal cartilages.

Epiphyseal Disk

A plate of cartilage between the epiphysis and the diaphysis.

Cartilage

A flexible, rubbery connective tissue found in various parts of the body, such as the joints.

Patella

The bone commonly referred to as the kneecap.