In the long-run equilibrium in a perfectly competitive market, the economic profit of the firms is
A) positive.
B) negative.
C) zero.
D) increasing.
C
You might also like to view...
Explain the time-inconsistency problem. What is the likely outcome of discretionary policy? What are the solutions to the time-inconsistency problem?
What will be an ideal response?
The demand curve for a monopolistic competitor slopes downward because
a. demand drops to zero after a slight price increase. b. there are close but not perfect substitutes for the product. c. customers have no loyalty to the product. d. the product is undifferentiated.
Which is the most accurate statement?
A. Poverty can easily be wiped out by giving every adult on welfare a minimum wage job. B. The basic cause of poverty is that nearly all of the poor are lazy. C. Within a decade, poverty will no longer be a national problem. D. There is a hard core of millions of poor people who will need public assistance for many years to come.
A scatter diagram is a way to show the relationship between disposable income and consumer expenditures.
Answer the following statement true (T) or false (F)