In the Long Run, the Number of Firms in an Industry

question 337

Multiple Choice

In the long run, the number of firms in an industry may change. If the number of firms increases, then

• A) the supply curve will shift outward to the right.
• B) the demand curve will shift outward to the right.
• C) the supply curve will shift inward to the left.
• D) the demand curve will shift inward to the left.

Understand the purpose and limitations of correlational studies.

Describe the steps of the scientific method in psychological research.

Understand different methods of data collection in psychological research.

Define control and experimental groups in psychological research.

---

Definitions:

Cross-cultural Research

The examination of how cultural factors affect human behavior, often involving comparative studies among different cultures.

Behavior Differences

Variations in actions or reactions among individuals or groups in diverse situations or under varied conditions.

Diversity and Inclusion

Organizational policies and practices aimed at understanding, respecting, and valuing differences among individuals, including race, gender, age, and other attributes.

Staffing

The process of hiring, positioning, and overseeing employees within an organization to ensure effective and efficient operations.