One World View article titled "Economy Threatens Catfish Industry" describes the increased competition in the catfish market.Which of the following is not true for a perfectly competitive industry in the long run?
A) When economic profits exist in an industry,more producers try to enter.
B) As firms enter,prices and economic profits decline.
C) Individual firms possess significant market power.
Correct Answer:
Verified
Q94: The "Tablet Brigade" In the News article
Q97: One In the News article "IBM Forced
Q105: Market supply is the horizontal sum of
Q113: When entrepreneurs decide to build a plant,they
Q116: The decision by firms to enter a
Q126: Perfectly competitive firms always earn economic profits
Q131: In a perfectly competitive market,firms will earn
Q133: In perfectly competitive markets,economic losses are the
Q134: Patents are a barrier to entry.
Q144: As in other industries,the market structure of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents