When the existing firms in a competitive industry have different operating costs:

a. the highest-cost firm in operation breaks even, while the low cost firms will earn profit.
b. the highest-cost firm in operation breaks even, while the low cost firms leave the industry.
c. the low cost firms earn a larger profit than the high-cost firms.
d. the highest-cost firms will incur a deadweight loss.

A

Economics

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Describe the role of the President in the budgetary process prior to 1921 and the President's role in the budgetary process after 1921 . Explain why this change in process might have made sense

What will be an ideal response?

Economics

The situation described in the book as "smart for one, dumb for all" occurs when:

A. individuals make better decisions when they are alone than when they are part of a group. B. individuals act rationally, so there are no unexploited opportunities for society as a whole. C. individuals make better decisions when they are part of a group than when they are alone. D. individuals act rationally, but there are still unexploited opportunities for society as a whole.

Economics