The long run for the industry is defined as a period of time long enough for
A) any new firm that desires to enter the industry.
B) any old firm that desires to leave the industry.
C) all aspects of production to vary and there are no fixed costs.
D) All of the responses are correct.
Correct Answer:
Verified
Q151: When a firm leaves a perfectly competitive
Q152: If a firm shuts down, its
A)fixed costs
Q153: The short-run supply curve of a perfectly
Q154: The short-run supply curve of the perfectly
Q155: Which of the following is a characteristic
Q157: For a perfectly competitive firm, the short-run
Q158: The short-run supply curve of the perfectly
Q159: In perfect competition, an increase in fixed
Q160: Figure 10-5 Q161: If a perfectly competitive industry is in
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