In a Perfectly Competitive, Increasing-Cost Industry in the Long Run

question 31

Multiple Choice

In a perfectly competitive, increasing-cost industry in the long run, economic profit for the industry __________ and economic rent __________.

• A)can be positive; can be positive
• B)can be positive; equals zero
• C)equals zero; can be positive
• D)equals zero; equals zero

---

Definitions:

Made Known

To reveal or disclose information or knowledge that was previously unknown or hidden.

Request to Negotiate

An invitation or proposal to start negotiation discussions about a specific issue, contract, or arrangement.

Unambiguous Binding Agreement

A contract or agreement that is clear and unequivocal in its terms and is legally enforceable upon the parties involved.

Certain Bargain

A firm agreement or deal between parties with defined and specific terms.