Refer to Scenario 12.1. What is the probability of either Simon, Paula, or both of them trying to rescue the man?

When new firms enter a perfectly competitive market,

a. economic profits of existing firms will continue to be zero. b. entering firms will earn zero economic profit upon entry into the market. c. existing firms may see their costs rise if more firms compete for limited resources. d. prices will rise as existing firms raise prices to keep new firms out of the market.

In the production function Real GDP = T (L, K), the T stands for tax coefficient

Indicate whether the statement is true or false