A Firm Should Exit an Industry If Price Is Less

question 16

True/False

A firm should exit an industry if price is less than average cost.

---

Definitions:

Openness

A personality trait that features characteristics such as imagination and insight, and those high in this trait also tend to have a broad range of interests.

Closure

The emotional or psychological resolution or conclusion that comes after a significant event or experience, often helping individuals move on.

Perceptual Constancy

The phenomenon that allows us to perceive objects as maintaining stable properties, such as size, shape, and brightness, despite differences in distance, viewing angle, and lighting.

Objects

In psychology, objects can refer to physical items in the external world that can be perceived by the senses, often studied in the context of how humans interact with and attribute meaning to them.