Firms in an industry will not earn long-run economic profits if:
A. Fixed costs are zero
B. The number of firms in the industry is fixed
C. There is free entry and exit of firms in the industry
D. Production costs for a given level of output are minimized
C. There is free entry and exit of firms in the industry
Economics
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How are net exports, net factor payments from abroad, and the current account balance related?
What will be an ideal response?
Economics
Why is the supply of oil more price elastic in the long run?
A) New deposits are found. B) Better extraction technology is developed. C) Firms have the ability to change the amount of all inputs. D) All of the above.
Economics