In the Long Run,a Perfectly Competitive Firm Will

question 128

Multiple Choice

In the long run,a perfectly competitive firm will

• A) be able to make an economic profit.
• B) produce but incur an economic loss.
• C) make zero economic profit.
• D) not produce and will incur an economic loss equal to its total fixed cost.
• E) not produce but not incur an economic loss.

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Definitions:

Operant Conditioning

A learning process through which the strength of a behavior is modified by reinforcement or punishment.

Spontaneous Recovery

A phenomenon in learning and conditioning where a previously extinguished response re-emerges after a period of no exposure to the conditioned stimulus.

Classical Conditioning

A type of learning in which one learns to link two or more stimuli and anticipate events.

Discrimination

Unjustifiable negative behavior toward a group and its members.