Under perfect competition, if an industry is characterized by positive economic profits in the short run:
a. firms will leave the market in the long run and the short-run supply curve will shift outward.
b. firms will enter the market in the long run and the short-run supply curve will shift outward.
c. firms will enter the market in the long run and the short-run supply curve will shift inward.
d. firms will leave the market in the long run and the short-run supply curve will shift inward.
b
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Barter can best be defined as:
a. the direct exchange of one good for money. b. the direct exchange of money for a good. c. the direct exchange of goods and services without the use of money. d. the direct exchange of labor services for wages. e. the payment of interest on a savings account.
Which of the following is not an example of in-kind transfers?
a. food stamps b. Medicaid c. the Earned Income Tax Credit d. housing vouchers