If a Competitive Industry Is Neither Expanding nor Contracting, We

question 287

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:

Licence

A grant of permission to do something that, without such permission, would be illegal, a trespass, or a tort.

Easement

A right to use the property of another, usually for a particular purpose.

Impossible Living

A term not generally recognized in standard discourse; appears to refer to conditions under which normal life or habitation is extremely difficult.

Lease Terminated

The end of a lease agreement, either through mutual agreement, by reaching its natural expiration, or through early termination under specific conditions.