Suppose That Some Firms in a Perfectly Competitive Industry Are

question 152

Multiple Choice

Suppose that some firms in a perfectly competitive industry are earning positive economic profits. In the long run, the:

• A) industry is in long-run equilibrium.
• B) industry supply curve will shift to the left.
• C) number of firms in the industry will not change.
• D) number of firms in the industry will increase.

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Definitions:

Cerebral Medulla

Often referring to the inner region of an organ, it can be a misnomer for brain regions such as the cerebral cortex or medulla oblongata, depending on context.

Nerve Tracts

Bundles of nerve fibers that connect different regions of the brain and spinal cord, enabling communication within the nervous system.

White Matter

Composed of bundles of myelinated nerve fibers (axons) connecting various grey matter areas of the brain to each other.

Somatic Sensory

Pertains to the sensory system that conveys information from the skin and muscles, including touch, pain, temperature, and proprioception.