In the long run, all firms in a perfectly competitive industry
A) earn economic profits.
B) break even.
C) suffer economic losses.
D) sell differentiated products to earn economic profits.
B
Economics
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The curve that shows how the best affordable consumption bundle changes as the price of a good changes (holding the consumer's income, preferences and all other prices fixed) is called
A. a price-consumption curve. B. an individual demand curve. C. an income-consumption curve. D. a budget line.
Economics
Demand shifters do not include
A. the price of the good. B. the price of the other goods. C. the consumer's income. D. the level of advertising.
Economics