Figure 16-4 -Refer to Figure 16-4. Which of the Following Will Occur

question 503

Multiple Choice

Figure 16-4
-Refer to Figure 16-4. Which of the following will occur in the long run in this industry?

• A)Firms will exit this industry.
• B)Firms will enter this industry.
• C)This firm will continue to earn positive economic profits.
• D)This firm will incur losses.

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Definitions:

Isotope

Variants of a particular chemical element which differ in neutron number, and consequently in nucleon number.

Energy

The capacity to do work or produce change, existing in various forms such as kinetic, thermal, electrical, and chemical.

First Law

Often refers to the law of thermodynamics stating that energy cannot be created or destroyed, only transformed or transferred from one form to another.

Thermodynamics

The branch of physics that deals with the relationships between heat, work, temperature, and energy in various systems.