If Some Firms in a Perfectly Competitive Industry Are Earning

question 178

Multiple Choice

If some firms in a perfectly competitive industry are earning positive economic profits,then in the long run,the:

• A)industry is in equilibrium.
• B)short-run industry supply curve will shift to the right.
• C)number of firms in the industry will not change.
• D)number of firms in the industry will decrease.

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Definitions:

Internal

Pertaining to or existing within an entity or organization, such as internal processes, resources, or challenges.

Self-Conscious Emotions

Emotions that require self-reflection and evaluation, such as guilt, shame, embarrassment, and pride, often influencing one's sense of self and social standing.

Social Emotions

Emotions that are felt as a result of interaction with others or arising from one's position within a social context.

Internal Sources

Internal sources refer to the origins of information, capital, or resources within an organization, as opposed to external sources.