When Entry and Exit Behaviour of Firms in an Industry

question 149

Multiple Choice

When entry and exit behaviour of firms in an industry does not affect a firm's cost structure:

• A)the long-run market supply curve must be upward-sloping
• B)the long-run market supply curve must be downward-sloping
• C)the long-run market supply curve must be horizontal
• D)we can't tell anything about the shape of the long-run market supply curve

Recognize the impact of revenue and expenses on the financial position of a business.

Distinguish between transactions that affect Assets, Liabilities, and Owner's Equity.

Apply the accounting equation to analyze transaction effects on the balance sheet items.

Understand the concept of accounting for receivables and payables in business operations.

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Definitions:

Emergent Norm Theory

A sociological perspective that suggests norms or instructions are established through group consensus in situations where traditional norms are not applicable.

Stanley Cup Riot

Refers to public disturbances and violence that erupted in connection with the Stanley Cup hockey championship, particularly notable occurrences following game outcomes, displaying extreme fan behavior.

Collective Mind

A concept referring to the shared beliefs, practices, and cognitive processes within a group or society that influence individual and collective behavior.

Relative Deprivation Theory

A theory that suggests individuals or groups feel deprived and discontent when they compare their positions to those more advantaged.