Consider a perfectly competitive market in which the firms are earning above-normal profit in the short run.In the long run,forces will come into play to
A) decrease market supply
B) shift the horizontal demand curve facing each firm downward
C) increase the market price
D) encourage existing firms to increase output
E) decrease the number of sellers in the market
Correct Answer:
Verified
Q138: In a perfectly competitive market equilibrium,
A)each firm's
Q139: In the short run,the perfectly competitive market
Q140: In short-run equilibrium in perfect competition,
A)each firm's
Q141: The entry of new firms into a
Q142: A perfectly competitive firm is operating where
Q144: In perfect competition,as the long run approaches,economic
Q145: Consider a perfectly competitive firm whose minimum
Q146: In the long run,an entrepreneur who owns
Q147: In the long run in a perfectly
Q148: In a perfectly competitive market,a given short-run
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents