If All Firms in a Perfectly Competitive Industry Earn a Normal

question 5

Multiple Choice

If all firms in a perfectly competitive industry earn a normal profit,then:

• A)new firms will enter the industry.
• B)old firms will exit the industry.
• C)the number of firms in the industry is stable.
• D)market supply will shift to the left.

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Definitions:

Psychological Suffering

The subjective experience of distress or pain that arises from emotional or mental health issues, rather than physical causes.

Positive Psychology

A branch of psychology focused on the study of positive aspects of human life, such as happiness, well-being, and flourishing.

Zeitgeist

The dominant set of ideas, beliefs, or spirit characteristic of a particular period in time.

Educational Requirements

Specific qualifications or levels of education mandated for a particular job, career, or academic program.