Assume that the home construction industry is perfectly competitive and is in long-run competitive equilibrium. It follows that:
A) marginal cost equals long-run average total cost.
B) there will be incentive for new firms to enter the industry.
C) marginal cost exceeds long-run average total cost.
D) firms in the industry enjoy economic profits.
Correct Answer:
Verified
Q88: Suppose there are 50 firms in a
Q89: In the wake of the 2008 recession,
Q90: Refer to the graph shown. Assuming that
Q91: Refer to the following graphs. 
Q92: Long-run competitive equilibrium in an industry implies
Q94: Refer to the graph shown. Assuming that
Q95: Refer to the following graph.
Q96: Suppose that the firms in the perfectly
Q97: Refer to the following graphs.
Q98: An increase in the number of firms
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