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

---

Definitions:

Quiet Section

A designated area or period intended for silence or significantly reduced noise levels.

Angry Tirade

A lengthy, vehement speech, often expressing significant anger or frustration.

Whiner

A person who frequently complains or expresses dissatisfaction in a petty or nagging manner.

Management-Labor Union Disputes

Conflicts that arise between company management and labor unions regarding worker rights, wages, and working conditions.