In a competitive industry equilibrium:
A) firms earn zero economic profits
B) firms earn positive economic profits
C) can not tell what level profits are
D) firms face a shortage of the good
Correct Answer:
Verified
Q5: When a surplus exists:
A) market forces will
Q6: In equilibrium:
A) all people can eat; there
Q7: An increase in the income of China
Q8: A decrease in the demand for grain
Q9: Higher taxes on gasoline result in:
A) a
Q11: The best strategy for a competitive firm
Q12: If a competitive firm increased advertising to
Q13: Positive economic profits result in:
A) increased sales
B)
Q14: Entry of new firms into the floral
Q15: A market is a:
A) marketplace
B) physical location
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