Assume the market for ball bearings is purely competitive.Currently, each of the firms in this market is earning positive economic profits.In the long run, as adjustments occur in the industry, we can expect the market price of ball bearings to
A) increase and individual firms' profits to decrease.
B) increase and individual firms' profits to increase.
C) decrease and individual firms' profits to increase.
D) decrease and individual firms' profits to decrease.
Correct Answer:
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