If There Are Normal Short Run Profits in an Industry

question 86

Multiple Choice

If there are normal short run profits in an industry, there will be:

• A) entry.
• B) exit.
• C) no entry or exit.
• D) below-normal profits in the next period.

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Definitions:

Informal Policy

Non-codified guidelines or practices affecting decision making and behavior in organizations or communities, not officially documented.

Unwritten Policy

Guidelines or rules that are understood and followed but not formally documented within an organization or society.

Staff Meeting

A gathering of employees or staff members to discuss issues, progress, and strategies related to their work or organization.

Legitimate Adjustments

Changes or modifications that are justified and reasonable within a particular context, such as policies or agreements.