Describe the Process That Would Occur in the Long Run

question 144

Essay

Describe the process that would occur in the long run in a competitive industry if there were economic profits. Illustrate this with a diagram.

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Definitions:

Directed Remembering

A cognitive process where individuals attempt to recall specific information from their memory intentionally or under guidance.

Directed Remembering

Directed remembering involves consciously focusing one's effort to recall specific information or memories when prompted.

Goal-driven

Behavior or activity that is directed towards achieving specific objectives or outcomes.

Information Recall

The ability to retrieve and reproduce information from memory that was previously learned or experienced.