The Elimination Principle Illustrates the Idea That

question 85

Multiple Choice

The elimination principle illustrates the idea that:

• A) above-normal profits will be eliminated by decreases in demand due to high prices.
• B) losses will be eliminated by the innovation of new products.
• C) above-normal profits will be eliminated by the entry of new firms into the industry.
• D) losses will be eliminated by firms decreasing their costs.

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Definitions:

Working Hard

Putting significant effort, dedication, and perseverance into completing tasks or achieving objectives.

Structure

The arrangement of and relations between the parts or elements of something complex.

Primary Consideration

The foremost in importance or priority that needs to be thought of or addressed.

Short-term Groups

Group settings assembled for a limited duration, focusing on achieving specific goals in a short amount of time.