Firms will continue to enter a perfectly competitive industry until
a. the supply curve is vertical.
b. the supply curve is meaningless.
c. any excess returns have been competed away.
d. all resources are fully employed.
c
Economics
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Extreme global poverty is defined as ________
A) income of less than one dollar a day B) foreign debt in excess of 100% of GDP C) one percent of U.S. income D) one-fourth of U.S. income
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Joel has a 1966 Mustang, which he sells to Susie, an avid car collector. Susie is pleased since she paid $8,000 for the car but would have been willing to pay $11,000 for the car. Susie's consumer surplus is $2,000
a. True b. False Indicate whether the statement is true or false
Economics