In a perfectly competitive market,if market price is higher than the average total cost of production,________.
A) firms will incur losses in the long run
B) firms will make profits in the long run
C) new firms will enter the industry
D) firms will exit the industry
Correct Answer:
Verified
Q120: Scenario: A manufacturing firm operates three plants
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Q123: When sellers in a perfectly competitive market
Q124: The entry of new firms into a
Q126: If firms in a perfectly competitive industry
Q127: The phenomenon that causes resources in perfectly
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Q129: Which of the following statements is true
Q130: The following figure represents the cost curves
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