If a perfectly competitive firm has economic profits greater than zero, then we know that
A) the firm's industry is not in long-run equilibrium.
B) the firm's industry is in long-run equilibrium.
C) the firm is producing at the bottom of the average total cost curve.
D) the firm will reduce output.
Answer: A
Economics
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Newcomers will be enticed to enter an oligopolistic market when ______.
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Economics