A firm will only earn normal profit in the long run
a. if firms can freely enter or leave the market
b. if firms do not try to maximize profit
c. only if the industry is perfectly competitive
d. whenever products are not differentiated
e. if barriers to entry exist
A
Economics
You might also like to view...
Honda will sell its vehicles to anyone who wants to and can buy one. Honda is using a ________ allocation method
A) first-come, first-served B) market price C) contest D) majority rule E) command
Economics
According to Milton Friedman, continued inflation is always and everywhere
A) a supply-side phenomenon. B) caused by continued decreases in aggregate supply. C) caused by continued increases in the budget deficit. D) a monetary phenomenon. E) none of the above
Economics