If Losses Are Being Made in a Perfectly Competitive Industry,in

question 303

Multiple Choice

If losses are being made in a perfectly competitive industry,in the long run industry supply will ______ and market price will _______.

• A)rise;rise
• B)fall;fall
• C)fall;rise
• D)rise;fall

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Definitions:

Self-Fulfilling Prophecy

A psychological phenomenon whereby an initially inaccurate expectation leads to actions that cause the expectation to come true.

Stereotypical Belief

A fixed, oversimplified, and often inaccurate idea about a particular type of person or thing.

Reverse Racism

A term often used to describe a misconception that affirmative action and similar policies meant to redress racial inequalities are a form of discrimination against white people.

Self-Fulfilling Prophecy

A phenomenon where an initially inaccurate expectation leads to actions that cause the expectation to become true.