If Perfectly Competitive Industry B Is Currently Realizing Economic Profits,we

question 12

Multiple Choice

If perfectly competitive industry B is currently realizing economic profits,we would expect that:

• A) industry output will fall, good B will fall in price, and economic profits will tend to disappear.
• B) industry output will fall, good B will rise in price, and economic profits will tend to disappear.
• C) industry output will rise, good B will fall in price, and economic profits will tend to disappear.
• D) industry output will rise, good B will fall in price, and economic profits will tend to increase.

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Definitions:

Basic Strengths

Fundamental qualities or assets that an individual possesses, contributing to their overall competence and resilience.

Potentially Achievable

What can be attained or accomplished with the existing conditions, resources, and efforts.

Id Interference

A concept in psychoanalytic theory where the id, the part of the psyche containing innate biological instincts, interferes with or disrupts conscious thought processes.

Biologically Determined

Characteristics or traits that are influenced by genetic factors rather than environmental conditions.