In the Short Run,a Perfectly Competitive Firm Can Experience Which

question 220

Multiple Choice

In the short run,a perfectly competitive firm can experience which of the following?
i.an economic profit
ii.an economic loss but it continues to stay open
iii.an economic loss equal to its total fixed cost when it shuts down

• A) only i
• B) i and ii
• C) i and iii
• D) ii and iii
• E) i, ii, and iii

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, standards, or social influences, often a result of real or imagined group pressure.

Group Size

Group size refers to the number of individuals constituting a social group, which can influence the group's dynamics, interaction, and effectiveness.

Asch

Refers to the Asch conformity experiments, which were a series of studies directed by Solomon Asch examining if and how individuals yielded to or defied a majority group.

Conformity

Adapting one's behaviors, beliefs, and attitudes to fit into group norms or comply with what society views as acceptable.