Chapter24: Perfect Competition
Section: Chapter Questions
Problem 7E
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Question
![QUESTION 1
Which of the following distinguishes the short run from the long run in pure competition?
A. Firms can enter and exit the
B. Firms attempt to maximize
profits in the long run but not
C. Firms use the MR = MC rule to
D. The quantity of labor
hired can vary in the long
market in the long run but not in
maximize profits in the short run
but not in the long run
the short run
in the short run
run but not in the short
run](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F392513cb-4b5c-4481-b720-f308d73b89d2%2F04bf93c3-bc12-48a6-a68b-5cd92fe50292%2Fc90k71d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 1
Which of the following distinguishes the short run from the long run in pure competition?
A. Firms can enter and exit the
B. Firms attempt to maximize
profits in the long run but not
C. Firms use the MR = MC rule to
D. The quantity of labor
hired can vary in the long
market in the long run but not in
maximize profits in the short run
but not in the long run
the short run
in the short run
run but not in the short
run
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