An industry is in long-run competitive equilibrium.The price of a substitute good increases.
A) The product price will rise.
B) New firms will enter the market.
C) Firms will begin earning economic profit.
D) a and b
E) all of the above
Correct Answer:
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Q22: A firm in a competitive industry faces
Q23: A typical firm in a perfectly competitive
Q24: The table below shows a competitive firm's
Q25: Q26: To answer the question,refer to the following Q28: Which of the following CANNOT be true Q29: When a perfect competitive industry is in Q30: Which of the following is NOT a
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