In a Market System, If fiRms in an Industry Persistently

question 213

Multiple Choice

In a market system, if firms in an industry persistently earn total revenues that are less than total costs, then that industry will

• A) have some firms go out of business.
• B) attract more resources toward it.
• C) experience entry of new firms.
• D) get government protection from failure.

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Definitions:

Goal Statement

A clear and specific declaration of the objectives an individual or organization aims to achieve.

Time Bound

Restricted or limited by a predetermined timeframe for completion.

Measurable

Pertains to something that can be quantitatively assessed or evaluated.

Ethical Decision

A choice made based on moral principles and values, often considering the impact on all stakeholders involved.