Refer to the Table Below A)new Firms Will Enter the Industry

question 19

Multiple Choice

Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict that: $$\begin{array} { | r | r | r | r | } \ { \text { Quantity } } & { \text { Total Revenue } } & \text { Explicit Casts } & \text { Implicit Casts } \\\hline 10 & 50 & 36 & 5 \\\hline 15 & 75 & 63 & 6 \\\hline 20 & 100 & 93 & 7 \\\hline 25 & 125 & 125 & 8 \\\hline 30 & 150 & 161 & 9 \\\hline\end{array}$$

• A)new firms will enter the industry.
• B)old firms will exit the industry.
• C)firms will attempt to lower their implicit costs.
• D)price must rise.

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Definitions:

Self-reinforcement

The process whereby individuals or groups reinforce their own behaviors or beliefs through positive outcomes or internal rewards, reinforcing the likelihood of repeated actions.

Positive Self-talk

The practice of making affirmative or supportive statements to oneself to improve confidence and reduce negative feelings.

Scientific Management

A management theory focusing on improving economic efficiency, especially labor productivity, through scientific methods.

Membership-based Rewards

Benefits or incentives provided to individuals based on their affiliation or status within a group or organization.