When economic profits in a perfectly competitive industry are positive
A) new firms will be attracted to the industry, and economic profits will decline to zero.
B) the industry is in equilibrium.
C) firms will increase output to earn even higher profits.
D) firms will increase prices while they have the opportunity.
A
Economics
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a) increase long-run aggregate supply. b) decrease long-run aggregate supply. c) have no impact on long-run aggregate supply. d) increase aggregate-demand.
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The goal of advertising is to
A) pay for public broadcasting. B) differentiate a firm's product. C) overwhelm the buyer so they buy a firm's product. D) minimize cost curves for the firm.
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