If the Entry or Exit of Firms Does Not Affect

question 149

Multiple Choice

If the entry or exit of firms does not affect the resource prices in an industry, we refer to it as a

• A)fixed-price industry.
• B)price-controlled industry.
• C)constant-cost industry.
• D)price-taking industry.

---

Definitions:

Distributive Justice

The perceived fairness of how resources and rewards are distributed within a society or organization.

Procedural Justice

The fairness of the processes that are used to make and implement decisions, often emphasizing transparency, opportunity to voice concerns, and consistency.

Corporate Mission

A statement that outlines an organization's purpose, goals, and approach to reach those goals, guiding its strategic planning and corporate culture.

Discriminatory Event

An occurrence where an individual or group is treated unfairly based on characteristics such as race, gender, age, or disability.