QUESTION 39 Industries in which firms are enjoying positive profits are likely to_ in the long-run. O expand contract O neither expand nor contract, as firms must earn an economic profit to stay in business O expand or contract depending on the normal rate of return QUESTION 40 Refer to the information provided in Figure 13.1 below to answer the question that follows. Panel A Panel IN Price per wit of ourpin (5) Price per unit of output (5: Units of ourput Units of output and C Price per unit of output (5) Price per unit of output () Lhits of output Llaits of output Figure 13.1 Refer to Figure 13.1. The demand curve for insulin is most likely represented by O Panel A. O Panel B. O Panel C. O Panel D. QUESTION 41 A monopoly is an industry with O a single firm in which the entry of new firms is blocked. O a small number of firms each large enough to impact the market price of its output.. O many firms each able to differentiate their product. O many firms each too small to impact the market price of its output. QUESTION 42 A barrier to entry that grants exclusive use of an invented product or process to the inventor is called O a government franchise O a patent O economies of scale O the ownership of a scarce resource