The short run for the industry is defined as a period
A. too brief for new firms to enter the industry.
B. too brief for old firms to leave the industry.
C. in which the number of firms in the industry is fixed.
D. All of the responses are correct.
Answer: D
Economics
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Normal rate of return is
A) accounting profit. B) an explicit cost. C) economic profit. D) the amount that must be paid to obtain investment in a business.
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The general term for market structures that fall somewhere between monopoly and perfect competition is
a. incomplete markets. b. imperfectly competitive markets. c. oligopoly markets. d. monopolistically competitive markets.
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