If There Are Normal Short Run Profits in an Industry

question 86

Multiple Choice

If there are normal short run profits in an industry, there will be:

• A) entry.
• B) exit.
• C) no entry or exit.
• D) below-normal profits in the next period.

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Definitions:

Filibuster

A parliamentary procedure where debate is extended, allowing one or more members to delay or entirely prevent a vote on a proposal.

Joint Committees

Committees made up of members from both houses of a bicameral legislature, tasked with addressing issues that require input from both the Senate and the House of Representatives.

Economic

Pertaining to the production, distribution, and consumption of goods and services, and the analysis of the behavior of economies.

Taxation

The process by which governments finance their expenditure by imposing charges on citizens and corporate entities.