In the long run, existing firms exit a perfectly competitive market
A) only if economic profits are zero.
B) if they make a positive economic profit.
C) if normal profits are greater than zero.
D) only if they incur an economic loss.
E) if they either make a normal profit or if they incur an economic loss.
D
Economics
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Assume that a worker in a technology firm can produce 3 circuit boards in an hour. Due to subsequent innovation, he is now able to produce 6 circuit boards per hour. Other things remaining the same, the firm's supply curve is likely to:
A) shift to the left. B) shift to the right. C) become steeper. D) remain unchanged.
Economics
The law of supply states that an increase in supply is represented graphically as a rightward shift of the supply curve
a. True b. False Indicate whether the statement is true or false
Economics