When Economic Profits in an Industry Are Zero

question 3

Multiple Choice

When economic profits in an industry are zero:

• A)firms are really doing badly.
• B)firms are doing as well as they could do in other markets.
• C)firms should exit so they can make an economic profit in some other market.
• D)the industry is not in long-run equilibrium.

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Definitions:

Breach of Confidence

An unauthorized use or disclosure of confidential information that was shared in a trusted relationship.

Secret Research Data

Confidential information generated from scientific or academic studies that is not disclosed to the public.

Injunction

A court order requiring an individual or entity to do or cease doing a specific action.

Self-Defence

A legal defense where an individual uses reasonable force to protect themselves from physical harm or threat of harm by another person.