If Perfectly Competitive Firms Are Making an Economic Profit,the Economic

question 165

Multiple Choice

If perfectly competitive firms are making an economic profit,the economic profit

• A) attracts entry by more firms, which lowers the price.
• B) can be earned both in the short run and the long run.
• C) is less than the normal profit.
• D) leads to a decrease in market demand.
• E) generally leads to firms exiting as they seek higher profit in other markets.

Understand the stages of moral development and the reasoning behind moral decisions.

Describe the cognitive development stage during adolescence according to Piaget.

Recognize factors influencing risk-taking behaviors in adolescents.

Understand the health implications of sexually transmitted infections and prevention methods.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, often expressed as an annual percentage.

Note Duration

The length of time until a note payable or receivable is due to be paid or received.

Promissory Note

A monetary tool that involves a formal commitment from one entity to give a specific amount of cash to another, either when asked or at an agreed-upon date in the future.

Face Value

The nominal or original value of a security or financial instrument as stated by its issuer, often the amount to be repaid at maturity.