Define the term industry.
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Q11: An industry tends to expand as market
Q12: Three reasons for the rise and fall
Q13: In economics, firms can enter an industry
Q14: In the long run, firms enter an
Q15: The number of firms increases in the
Q17: The long-run competitive equilibrium model describes what
Q18: The long-run competitive equilibrium model can be
Q19: In a competitive industry, firm demand is
A)downward-sloping.
B)vertical.
C)nonexistent.
D)horizontal.
E)unchanging.
Q20: The definition of a market is broader
Q21: Free entry and exit refers to industries
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