When economic profits are negative in the long run, firms will:
A) enter the industry
B) exit the industry
C) remain and try to do better
D) lower production costs
Correct Answer:
Verified
Q9: Monopolistic competition is a market structure of:
A)
Q10: Numerous sellers means that:
A) the price is
Q11: Market power allows a firm to:
A) increase
Q12: A firm with market power:
A) adjusts the
Q13: A competitive firm has all of the
Q15: A homogeneous product is:
A) golf balls
B) golf
Q16: Oligopoly is characterized by:
A) many firms
B) numerous
Q17: A good example of an oligopoly is:
A)
Q18: A homogeneous product is:
A) homogenized milk
B) one
Q19: A price taker's best strategy is to:
A)
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