If Economic Profits Are Earned in a Competitive Market,then Over

question 146

Multiple Choice

If economic profits are earned in a competitive market,then over time

• A)Additional firms will enter the market.
• B)The market supply curve will shift to the left.
• C)Equilibrium price will rise as more firms enter.
• D)Normal profit will fall to zero as more firms enter.

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Definitions:

Constitution Act, 1867

A foundational statute that established the federation of Canada, defining the structure of government, the judiciary, and the distribution of legislative powers between the federal and provincial levels.

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An unwritten convention inherited from Britain that recognizes that although Parliament is supreme and can create any law considered appropriate, citizens are protected from the arbitrary actions of the government.

Charter Of Rights And Freedoms

A foundational document in Canada that outlines the rights and freedoms guaranteed to individuals, typically protecting citizens from government actions.

Supremacy Of Parliament

The principle that the legislative body has the highest authority within the jurisdiction, whose laws cannot be superseded or altered by other forms of government.