If a Typical Firm in a Perfectly Competitive Industry Is

question 177

Multiple Choice

If a typical firm in a perfectly competitive industry is earning profits, then

• A)all firms will continue to earn profits.
• B)new firms will enter in the long run causing market supply to decrease, market price to rise, and profits to increase.
• C)new firms will enter in the long run causing market supply to increase, market price to fall, and profits to decrease.
• D)the number of firms in the industry will remain constant in the long run.

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Definitions:

Critical Care

Specialized care for patients with life-threatening conditions requiring complex assessment, high-intensity therapies, and interventions.

Supportive Environments

Surroundings that provide emotional, social, and physical support, thereby promoting health and wellbeing.

Political Activism

The direct effort to promote, impede, direct, or intervene in social, political, economic, or environmental reform with the desire to make changes in society.

Sustainable Physical

Practices or conditions that support long-term ecological balance and do not deplete resources or harm natural cycles, typically in the context of physical well-being and environmental health.