Asked by
Sathiya Priya
on Nov 04, 2024
Verified
Industries in which firms ________ are likely to contract in the long-run.
A) have positive profits
B) suffer losses
C) break even
D) have no competition
Suffer Losses
occurs when a business or individual incurs expenses that exceed their revenues.
Long-run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.
- Explain the effects of variations in supply and demand within perfectly competitive environments.
Verified Answer
KK
Learning Objectives
- Explain the effects of variations in supply and demand within perfectly competitive environments.
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