Asked by
harsh bhati
on Nov 04, 2024
Verified
As long as economic losses are being incurred in an industry, firms will ________ the industry and the supply curve will shift to the ________.
A) enter; right
B) enter; left
C) exit; left
D) exit; right
Economic Losses
Financial losses experienced by individuals, businesses, or economies as a result of factors such as poor investment decisions, natural disasters, or market downturns.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.
Exit
The process by which businesses cease operations and leave a market, often due to unprofitability or strategic realignment.
- Acquire knowledge about the notion of economic profit and loss and how it influences market entrance and departure decisions.
- Identify factors leading to shifts in industry supply curves.
Verified Answer
1K
Learning Objectives
- Acquire knowledge about the notion of economic profit and loss and how it influences market entrance and departure decisions.
- Identify factors leading to shifts in industry supply curves.