Asked by
Madison Gonzalez
on Nov 04, 2024
Verified
As long as existing firms ________ in an industry, new firms will enter the industry, causing the industry ________ curve to shift to the right.
A) earn economic profits; supply
B) break even; demand
C) earn economic profits; demand
D) break even; supply
Economic Profits
The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.
Industry Supply Curve
A graphical representation showing the total quantity of a good that producers within an industry are willing and able to supply at different price levels.
Enter
To participate or become involved in a particular activity or sphere; in business, it may refer to entering a market, indicating the beginning of efforts to compete within a given market area.
- Understand the idea of economic gains and losses and their effects on entering or leaving the market.
- Determine the elements that cause changes in the supply curves of industries.
Verified Answer
GS
Learning Objectives
- Understand the idea of economic gains and losses and their effects on entering or leaving the market.
- Determine the elements that cause changes in the supply curves of industries.