If a Competitive Industry Is Neither Expanding nor Contracting, We

question 214

Multiple Choice

If a competitive industry is neither expanding nor contracting, we would expect

• A) total revenue to be zero.
• B) economic profits to be zero.
• C) total opportunity cost to be zero.
• D) more resources to flow to that industry.

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Definitions:

Lens

In the context of optics, a piece of transparent material that bends or refracts light rays to form an image; not a psychological term.

Myopia

A common vision condition also known as nearsightedness, where distant objects appear blurry while close ones can be seen clearly.

Hyperopia

A vision condition, also known as farsightedness, where distant objects can be seen more clearly than near objects due to the eye's focus being behind the retina.

Farsightedness

A common vision condition, also known as hyperopia, where distant objects can be seen clearly, but close ones do not come into proper focus.