Under Perfect Competition,if Some Firms Are Taking Losses in the Short

question 330

Multiple Choice

Under perfect competition,if some firms are taking losses in the short run,in the long run

• A)equilibrium price will rise until all firms are earning zero economic profits.
• B)those firms will cut back their output until they get to the level at which marginal cost equals price.
• C)firms will leave the industry until all firms are making a profit.
• D)those firms will earn losses until demand increases.

Distinguish between different types of process shifts and their implications (level shift, trend, cycle).

Grasp the importance of sample size and sampling frequency in process control.

Interpret the significance of average run length in process control.

Understand how changes in process control settings affect detection of process shifts.

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