If a firm in a perfectly competitive industry is experiencing average revenues greater than average costs, in the long-run
a. Some firms will leave the industry and price will rise
b. Some firms will enter the industry and price will rise
c. Some firms will leave the industry and price will fall
d. Some firms will enter the industry and price will fall
d
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Answer the following statement true (T) or false (F)
1) Human beings consume more both in absolute terms and on a per capita basis than they did 200 years ago. 2) Thomas Malthus argued that increases in living standards tend to reduce birthrates. 3) A total fertility rate of 1.0 is necessary to keep the population constant over time. 4) Most developed countries have fertility rates less than 2.1.
The gross domestic product is not a good measure of the standard of living in a nation because it:
A. Includes the cost of health insurance B. Excludes payments for pollution control equipment C. Does not account for the size of the population D. Does not account for the cost of police protection