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Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
Edition 13ISBN: 978-0538452281Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
Edition 13ISBN: 978-0538452281 Exercise 7
"When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will be driven out of business." True or false? Explain.
Explanation
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False, in such a situation only some, no...
Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
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