In monopolistically competitive markets, economic profits ____, and ____ shifts the demand curve of the remaining firms to the ____
a. signal some remaining firms to exit; exit; right
b. signal some remaining firms to exit; exit; left
c. signal new firms to enter; entry; left
d. signal new firms to enter; entry; right
c
Economics
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A perfectly competitive market has:
a. only one seller b. at least a few sellers c. many buyers and sellers d. firms that set their own prices e. none of the above
Economics
If freezing weather in Florida destroys a large portion of the current orange crop,
A) prices of Florida oranges will rise and quantity demanded will fall. B) the supply of and the demand for Florida oranges will both fall. C) the demand for Florida oranges will fall and prices will rise. D) the supply of Florida oranges will decline but not the quantity demanded.
Economics