If the technology associated with producing fiber-optic cable continues to advance, over time the cost of producing fiber-optic cable will
A) decrease, firms that use the new technology will make an economic profit, and in the long run new firms will enter the market.
B) decrease, firms that use the new technology will incur an economic loss, and in the long run some firms will exit the industry.
C) increase, firms that use the new technology will make an economic profit, and in the long run new firms will enter the market.
D) increase, firms that use the new technology will incur an economic loss, and in the long run some firms will exit the industry.
E) decrease, firms that do not use the new technology will make an economic profit, and in the long run new firms will enter the market.
A
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The federal government agency that is responsible for determining the inflation rate and the unemployment rate is the Federal Reserve
Indicate whether the statement is true or false
The difference between the amount a seller receives for a good and the lowest amount for which he would sell the good is called
A) producers' surplus. B) windfall gain. C) consumers' surplus. D) excess profit.