If Long-Run Economic Losses Are Being Experienced in a Competitive

question 133

Multiple Choice

If long-run economic losses are being experienced in a competitive market,

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

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Definitions:

Biological Determinism

The belief that human behavior and social phenomena are determined by biological factors, often minimizing the role of environmental and social influences.

Positivism

A theoretical approach that considers all understanding to be based on science.

Criminal Behaviour

Conducts that violate legal statutes and are subject to sanctions by state authority.

Nutritional Deficiencies

Conditions caused by insufficient intake of essential nutrients, leading to various health problems and diseases.