Suppose All Firms in a Perfectly Competitive Industry Are Experiencing

question 12

Multiple Choice

Suppose all firms in a perfectly competitive industry are experiencing economic profits.One would expect that,over time,the number of firms will _______ and the market price will _____.

• A)rise;fall
• B)fall;rise
• C)rise;rise
• D)rise;stay the same

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Definitions:

Location-Based Social Networking

Social media platforms that use geographical data to connect users, suggest activities, or provide content relevant to their current location.

Business Communication

The exchange of information among individuals both inside and outside an organization, conducted for the organization's commercial advantage.

Emoticons

Text-based symbols used to express emotions or sentiments in digital communications, predating modern emojis.

Business Communication

The sharing of information between people within an organization and with those outside it, conducted for commercial benefits and goals.