Narrbegin Exhibit 7.7
-According to Exhibit 7.7, given the short-run equilibrium of this firm, we would expect in the long run:

Name: Narrbegin Exhibit 7.7 -According to Exhibit 7.7, given the short-run equilibrium of this firm, we would expect in the long run:
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Question

Narrbegin Exhibit 7.7  
-According to Exhibit 7.7, given the short-run equilibrium of this firm, we would expect in the long run:

Quizplus · Accepted Answer

In the short-run equilibrium, if a firm is making economic profits, this attracts new firms into the industry, leading to an increase in supply and a potential decrease in the market price until reaching a new long-run equilibrium.