If a typical firm in a perfectly competitive industry is incurring losses, then
A) some firms will enter in the long run, causing market supply to increase and market price to rise increasing profit for all firms.
B) some firms will exit in the long run, causing market supply to decrease and market price to fall increasing losses for the remaining firms.
C) some firms will exit in the long run, causing market supply to decrease and market price to rise increasing profits for the remaining firms.
D) all firms will continue to lose money.
C
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Which of the following statements is true about the mean of a series?
A) The mean is equal to zero when all the values are identical. B) The mean is a commonly used technique for summarizing data. C) The mean is less than all the individual observations in the data set. D) The mean is calculated as the sum of all values multiplied by the number of values.
The assumption that wages change more slowly than prices provides an argument for the
A) aggregate demand curve having a positive slope. B) aggregate demand curve having a negative slope. C) aggregate supply having a negative slope. D) aggregate supply having a positive slope.