If perfectly competitive industry B is currently realizing economic profits,we would expect that:
A) industry output will fall, good B will fall in price, and economic profits will tend to disappear.
B) industry output will fall, good B will rise in price, and economic profits will tend to disappear.
C) industry output will rise, good B will fall in price, and economic profits will tend to disappear.
D) industry output will rise, good B will fall in price, and economic profits will tend to increase.
Correct Answer:
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