g Long-run competitive equilibrium in an industry implies that no firm: Multiple Choice has an incentive to enter or exit the industry. is earning a normal profit. is earning accounting profits. is producing at the output level where price equals long-run average total cost.

The federal reserve took an expansionary approach during the crisis. this was done by expanding the money supply and boosting liquidity. this can be seen in the fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. the fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.