Firms Cannot Enter an Industry in Which Positive Profits Are

question 62

Multiple Choice

Firms cannot enter an industry in which positive profits are being earned in

• A) the short run.
• B) the long run.
• C) the short run and in the long run.
• D) As long as positive profits are being earned, firms can enter the industry in both the short run and the long run.

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Definitions:

Diffusion

The spread of cultural items such as ideas, styles, religions, technologies, languages among people.

Languages

Systems of communication used by particular communities, involving the use of spoken, written, or signed words in a structured and conventional way.

Domestic Sheep

A domesticated mammal typically bred for its wool, meat, and milk, descending from the wild mouflon of Central Asia.

Wild Sheep

Wild sheep are species of ungulates belonging to the genus Ovis in the family Bovidae, native to rugged mountainous regions, and are ancestors to domestic sheep.