Consider a Competitive Industry in Which Firms Are Facing a Continual

question 66

Multiple Choice

Consider a competitive industry in which firms are facing a continual decrease in demand for their product.In the long run

• A)new firms will enter the industry and earn normal profits.
• B)existing firms will modernize plant and equipment in order to increase efficiency.
• C)existing firms will expand output as a means of recovering losses.
• D)firms will begin advertising in order to increase demand for their product.
• E)capacity in the industry will gradually shrink as plant and equipment is not replaced.

Analyze the influence of external factors such as media, stereotypes, and role models on individual behavior and societal norms.

Discuss the role of social psychology in addressing racial, ethnic, and social conflicts.

Explain the relationship and contributions of neuroscience to understanding social behavior.

Define and differentiate between emotions, cognitions, and behaviors in the context of social psychology.