When a perfectly competitive firm experiences positive economic profits in the short run
A) the high barriers to entry prevent further competition.
B) existing firms exit the industry.
C) new firms enter the industry.
D) firms have no incentive to exit or enter the industry.
Answer: C
Economics
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, he would have paid an additional ________ in income tax
A) $665 B) $945 C) $1,000 D) $1,330
Economics
Which of the following will cause a change in quantity supplied?
A. a change in the number of firms in the market B. a change in the market price of the good C. a change in input prices D. a technological change
Economics