Answer:
D. if profit were positive, then firms would enter, decreasing price, and if profit were negative, then firms would exit, increasing price.
Explanation:
Perfectly competitive firms are price takers, hence they cannot influence the price of their products.
Perfectly competitive industries have no barriers to entry or exist of firms ,so if in the short run, firms are earning economic profit, then firms would enter into the industry , decreasing price, and if profit were negative, then firms would exit, increasing price. This makes perfect competitive firms to earn zero economic profit in the long run.
Answer: • Water power to run machines
• rivers for transportation of goods
• natural resources for production
Explanation:
Industrialization is when am economy moves from the agricultural sector to the industrial sector.
The factors of industrialization does Baines cite in the reading include:
• Water power to run machines
• rivers for transportation of goods
• natural resources for production
<u>Answer:</u>
Fatima's statement that she intends to continue in her job in spite of her dissatisfaction makes you think that Fatima will likely experience "Cognitive Dissonance".
<u>Explanation:</u>
Cognitive dissonance is a psychological concept when an individual experiences non consistent thoughts and emotions (regardless of the environment). In this example, Fatima had been expected to quit her job (because she hated the manager).
In spite of that, she continued to work. That caused the cognitive dissonance in her behavior, as she changed her attitude. People correlate decisions and feelings many times, but due to some factors like patience, need of job etc, worked for an individual to be consistent and continue job.
