Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. Figure 15.1
-Refer to Figure 15.1. In this industry in the long run,

Question

Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.  Figure 15.1
-Refer to Figure 15.1. In this industry in the long run,

Quizplus · Accepted Answer

In the long run, firms will enter the industry if there are economic profits to be made, and this entry will continue until economic profits are zero, meaning all firms break even economically. This is a fundamental principle of perfect competition.

Refer to the Information Provided in Figure 15