If All Firms in a Perfectly Competitive Industry Are Experiencing

question 127

Multiple Choice

If all firms in a perfectly competitive industry are experiencing economic losses, then:

• A)some firms will exit the industry, until economic profit is positive.
• B)some firms will exit the industry, until accounting profit equals zero.
• C)all existing firms will stay in the industry, hoping for better times.
• D)some firms will exit the industry, until economic profit equals zero.

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Definitions:

Acute Tubular Necrosis

A renal disorder involving damage to the tubule cells of the kidneys, which can lead to acute kidney failure.

Acute Tubulointerstitial Nephritis

A sudden kidney disorder characterized by inflammation of the tubules and surrounding structures, often caused by an allergic reaction to medication.

Acute Renal Failure

A sudden loss of kidney function, characterized by a decline in the kidneys' ability to filter waste products from the blood.

Medullary Necrosis

A condition involving the death of cells within the medulla, an inner region of an organ such as the kidneys or adrenal glands.