When Firms Exit an Industry

question 86

Multiple Choice

When firms exit an industry,

• A)firm profits typically fall.
• B)market supply decreases, pushing market price higher.
• C)market supply decreases, decreasing the firm's output price.
• D)demand decreases and economic profits continue to decline.
• E)market supply decreases, increasing price and bringing firms back into the industry.

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Definitions:

Realistic Job Previews

An employment technique that gives prospective employees a true sense of what the job and working environment are like.

Trustworthy

Deserving of trust or confidence, characterized by reliability, integrity, and honesty.

Career Function

The roles and responsibilities associated with a particular job or career path.

Compensation

The total amount of the monetary and non-monetary pay provided to an employee for their work, including salaries, benefits, bonuses, and other forms of payment.