If a Purely Competitive Constant-Cost Industry Is Realizing Economic Profits

question 78

Multiple Choice

If a purely competitive constant-cost industry is realizing economic profits, we can expect industry supply to

• A)increase, output to increase, price to decrease, and profits to decrease.
• B)increase, output to increase, price to increase, and profits to decrease.
• C)decrease, output to decrease, price to increase, and profits to increase.
• D)increase, output to decrease, price to decrease, and profits to decrease.

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Definitions:

Solitary Life

A lifestyle choice or condition where an individual prefers or happens to spend most of their time alone, away from social interactions.

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The physical measurement of the brain’s volume or weight, which can vary among individuals and species, sometimes correlating with cognitive abilities.

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Collections of individuals who interact with each other, share similar characteristics, and collectively have a sense of unity or identity.

Emotional Intelligence

The ability to perceive, access and generate, understand, and reflectively regulate emotions.