In the long run, firms in a competitive market make zero economic profit. This induces most firms to leave the industry
Indicate whether the statement is true or false
False. Those firm cannot make themselves better off by moving their resources into another industry because all opportunity cost is covered.
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The expression "There's no such thing as a free lunch" means
a. in an exchange, if one person gains, someone else must lose. b. each person must pay for exactly what he or she receives. c. the use of resources to meet one need means that those resources can no longer be used to meet another need. d. in an exchange, if one person gains, someone else must lose and equal amount.
Poverty is
A. an absolute, not a relative concept. B. a relative concept, not an absolute. C. both an absolute and a relative concept. D. neither an absolute nor a relative concept.