In a perfectly competitive market:
A) the price will change to reflect any change in production cost.
B) the existence of profits leads firms to exit the industry,while losses lead firms to enter the industry.
C) economic profits are positive in the long run.
D) perfect competition generates prices greater than marginal costs.
Correct Answer:
Verified
Q195: Suppose that the market for haircuts in
Q196: The short-run industry supply curve:
A)shows the total
Q197: In perfect competition,a change in fixed cost
Q198: The market for beef is in long-run
Q199: Suppose that some firms in a perfectly
Q201: When a perfectly competitive industry is in
Q202: In a long-run equilibrium,economic profits in a
Q203: Which scenario is MOST likely to cause
Q204: Use the following to answer question:
Q205: Use the following to answer question:
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