Figure 12-15 
-Refer to Figure 12-15.Suppose a typical firm in a perfectly competitive market is earning economic profits in the short run.Which of the diagrams in the figure depicts what happens to in the industry as it transitions to along run equilibrium?
Definitions:
Joseph LeDoux
A neuroscientist known for his work on survival circuits, including mechanisms of fear and emotion in the brain.
Cognitive Reactions
Mental processes as responses to external stimuli, involving perception, memory, judgment, and reasoning.
Emotional Reactions
The spontaneous and subjective feelings triggered by specific stimuli or events.
Zajonc
Refers to Robert Zajonc, a social psychologist known for his work on social and cognitive processes in emotions.
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