With Free Entry

question 32

Multiple Choice

With free entry

• A)economic profits are possible over the long run.
• B)economic profits are possible but only over limited amounts of time.
• C)economic profits are not possible.
• D)the cost of capital will not be covered.

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Definitions:

Reptiles

A class of cold-blooded vertebrates that include snakes, lizards, turtles, crocodilians, and various extinct groups, characterized by breathing air, laying shelled eggs, and having a skin covered with scales or scutes.

Urea

An organic compound and waste product produced in the liver, resulting from the metabolism of proteins, excreted in the urine.

Amphibians

A class of cold-blooded vertebrates that includes frogs, toads, salamanders, and newts, characterized by their ability to live both in water and on land.

Mammals

Warm-blooded vertebrates characterized by the presence of mammary glands, which females use to feed their young, and usually hair or fur on their bodies.