In short run equilibrium in a perfectly competitive industry whose firms are earning economic profits, a firm:
a. has no incentive to change its output.
b. has no incentive to change its plant size.
c. has no incentive to expand its factory.
d. has no incentive to leave the industry.
Question 2
As observed in China's steel appliance market, the rise in the price of refrigerators resulted:
a. solely from an increase in the demand for refrigerators.
b. from an increase in the demand for steel from all appliance industries.
c. from a shortage of steel in the world markets.
d. from an increase in the price of steel that was the result of increased demand for refrigerators.
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