When Firms Exit a Perfectly Competitive Industry, the Market Supply

question 217

True/False

When firms exit a perfectly competitive industry, the market supply curve shifts to the left.

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Definitions:

Written Acceptance

A formal acknowledgment in writing that agrees to terms or conditions proposed.

Job Offer

A formal invitation to become an employee of a company or organization, typically specifying the terms of employment.

Groupthink

Situation in which peer pressure causes individual team members to withhold contrary or unpopular opinions.

Diversity

All the characteristics and experiences that define each of us as individuals.