Figure: Comparing Long-Run Equilibriums (Figure: Comparing Long-Run Equilibriums) In the figure Comparing Long-Run Equilibriums, which of the following statements is true?
A)The major difference between panel a and panel b is that firms in the market structure shown in panel a cannot have excess profits in the long run, but the firms in the market structure shown in panel b can have excess profits in the long run.
B)Panel a and panel b show markets that have few interdependent firms.
C)Panel a and panel b show markets that produce identical products.
D)Panel a and panel b show markets that have many firms.

Question

Figure: Comparing Long-Run Equilibriums   (Figure: Comparing Long-Run Equilibriums) In the figure Comparing Long-Run Equilibriums, which of the following statements is true?
A)The major difference between panel a and panel b is that firms in the market structure shown in panel a cannot have excess profits in the long run, but the firms in the market structure shown in panel b can have excess profits in the long run. 
B)Panel a and panel b show markets that have few interdependent firms. 
C)Panel a and panel b show markets that produce identical products. 
D)Panel a and panel b show markets that have many firms.

Quizplus · Accepted Answer

The Answer of Figure: Comparing Long-Run Equilibriums   (Figure: Comparing Long-Run Equilibriums) In the figure Comparing Long-Run Equilibriums, which of the following statements is true?
A)The major difference between panel a and panel b is that firms in the market structure shown in panel a cannot have excess profits in the long run, but the firms in the market structure shown in panel b can have excess profits in the long run. 
B)Panel a and panel b show markets that have few interdependent firms. 
C)Panel a and panel b show markets that produce identical products. 
D)Panel a and panel b show markets that have many firms.