Suppose That Some Firms in a Perfectly Competitive Industry Are

question 152

Multiple Choice

Suppose that some firms in a perfectly competitive industry are earning positive economic profits. In the long run, the:

• A) industry is in long-run equilibrium.
• B) industry supply curve will shift to the left.
• C) number of firms in the industry will not change.
• D) number of firms in the industry will increase.

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Definitions:

Epicanthic Eye Fold

A skin fold of the upper eyelid that covers the inner corner of the eye, common among East and Southeast Asian populations and some other ethnic groups.

East Asian

Pertaining to the geographical region of East Asia, including countries such as China, Japan, South Korea, and others, known for its distinctive cultures, languages, and traditions.

Lactase Production

The biological process of producing lactase, an enzyme required for the digestion of lactose, the sugar found in milk.

Diabetes

A chronic condition characterized by high levels of sugar in the blood, resulting from the body’s inability to produce enough insulin or effectively use the insulin it produces.