Above-normal profits in a perfectly competitive market are caused by:
A) increases in demand that are successfully anticipated.
B) decreases in cost that are successfully anticipated.
C) increases in productivity that are successfully anticipated.
D) luck.
Correct Answer:
Verified
Q10: Price and product quality competition tends to
Q11: For a firm in perfectly competitive market
Q12: In the long run, firms will offer
Q13: The rate of return necessary to attract
Q14: A firm will earn normal profits when
Q16: Industry cartels never:
A) give rise to price
Q17: In the long run, firms will exit
Q18: In perfectly competitive markets, profits are maximized
Q19: The firm demand curve in a competitive
Q20: Perfect competition always prevails in markets with:
A)
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