Final answer:
Successful firms are those that adapt to industry influences based on the concept of adaptive expectations, which means they adjust their beliefs and behavior in response to past experiences rather than accurately predicting the future as in rational expectations theory.
Step-by-step explanation:
The notion that successful firms tend to be the ones that adapt to influences in their industries is based on the concept of adaptive expectations. This concept implies that companies and individuals form their expectations based on past experiences and gradually change their beliefs and behaviors as conditions evolve. Unlike the rational expectations theory, which suggests that agents perfectly predict future events and synthesize all available information efficiently, adaptive expectations recognize that most firms and individuals have limitations in forecasting the future accurately and are not always fully informed about economic conditions or market workings.
Within the neoclassical perspective, it's understood that the business cycle will tend to average out around the potential or full-employment level of output in the long run. Firms that can adjust and learn from past experiences are likely to be more successful in navigating these changes over time.