If Perfectly Competitive Firms Are Maximizing Their Profit and Are

question 55

Multiple Choice

If perfectly competitive firms are maximizing their profit and are making an economic profit,the market ________ in a short-run equilibrium and ________ in a long-run equilibrium.

• A) is; is
• B) is; is not
• C) is not; is
• D) is not; is not
• E) is; might be

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Definitions:

Wild Salmon

Salmon that live and reproduce in their natural environments in oceans and rivers, not raised in captivity for commercial purposes.

Transgenic Salmon

Genetically modified salmon that have been altered to grow faster than wild-type salmon, often involving the insertion of growth hormone genes from other fishes.

Salmon Farms

Aquaculture operations specifically aimed at breeding and raising salmon in controlled environments for commercial purposes.

Pollution

The introduction of harmful substances or products into the environment, resulting in negative effects on living organisms and the natural ecosystem.