If the typical perfectly competitive firm is earning an economic profit in the short run, then in the long run:
a. new firms will enter.
b. market supply will decrease.
c. market price will increase.
d. each firm will earn an economic loss.
a
Economics
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The decline in traditional banking internationally can be attributed to
A) increased regulation. B) improved information technology. C) increasing monopoly power of banks over depositors. D) increased protection from competition.
Economics
As long as the marginal revenue curve lies above the horizontal axis,
a. total revenue must exceed total cost b. the total revenue curve must have a positive slope c. marginal revenue must exceed marginal cost d. profit must be rising e. the firm must be earning a profit
Economics