-Suppose the cost curves in the above figure apply to all firms in the market. If the initial price is P1, firms are ________ and some firms will ________ the industry.
A) making an economic profit; leave
B) making an economic profit; enter
C) incurring an economic loss; leave
D) incurring an economic loss; enter
Correct Answer:
Verified
Q331: In the long run, a perfectly competitive
Q332: In the long run, the economic profit
Q333: In the long run, perfectly competitive firms
Q334: In the long run, perfectly competitive firms
Q335: Which of the following is NOT present
Q337: Suppose that newspaper companies are now required
Q338: In the long-run equilibrium in a perfectly
Q339: In the long-run equilibrium, perfectly competitive firms
Q340: A perfectly competitive firm initially is earning
Q341: Suppose firms in a perfectly competitive market
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