Suppose That Some Firms in a Perfectly Competitive Industry Are

question 215

Multiple Choice

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

• A) industry supply curve will not shift.
• B) industry supply curve will shift to the right.
• C) number of firms in the industry will not change.
• D) number of firms in the industry will decrease.

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Definitions:

Appadurai's Landscapes

Refers to Arjun Appadurai's conceptual framework on the fluid, dynamic global cultural flows categorized into five dimensions: ethnoscapes, technoscapes, financescapes, mediascapes, and ideoscapes.

Nation-States

Politically sovereign entities characterized by a defined territory, permanent population, a government, and the capacity to enter into relations with other states.

Disjunctures

Points of disruption or disconnection in societal, cultural, or technological systems, where expected flows or relationships are broken.

George Ritzer

George Ritzer is an American sociologist known for his work on consumerism, globalization, and the theory of McDonaldization, which describes the increasing rationalization of society.