A purely competitive firm is precluded from making economic profits in the long run because:
A. it is a "price taker."
B. its demand curve is perfectly elastic.
C. of unimpeded entry to the industry.
D. it produces a differentiated product.
Answer: C
Economics
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A) Haircuts B) Gold C) US Treasury Bonds D) Petroleum
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Which statement is true?
A. Subsidy payments to farmers were almost completely phased out in 2007. B. The so-called new economy of the 1990s was neither new, nor very different from the economy of the previous 25 years. C. Until the time of the Great Depression, the United States was primarily an agricultural nation. D. There were no recessions during the presidency of Bill Clinton (January 1993-January 2000).
Economics