In a competitive industry:
A) all firms will earn above-normal profits if demand is high.
B) the opportunity cost of production is zero.
C) profits are only attainable in the long run to those firms able to innovate at the lowest cost.
D) resources move across firms in such a way that the total value of production is maximized.
Correct Answer:
Verified
Q49: Figure: Two Farms Q50: A perfectly competitive firm with lower marginal Q51: In a competitive industry, entry and exit Q52: Which of these equations describes the Invisible Q53: In a competitive market, the amount of Q55: Entrepreneurs have the incentive to: Q56: When the size of the production is Q57: In the long run, firms will exit Q58: In a perfectly competitive market, each firm Q59: In a perfectly competitive market, each firm
A) follow the
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