If entry is limited due to a limited input, firms in that market earn long run economic profit
Indicate whether the statement is true or false
False. The price of the limited input will be bid up until zero economic profits result in the market that uses the input.
Economics
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Of the following high-income countries, which has the lowest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States
Economics
The problem of overfishing in waters that are commonly owned can be solved when the government determines the total amount of fish can be removed from a given area during each fishing season. Then the fishermen
A) will not be able to fish. B) can trade their rights (shares) to fish or not. C) will externalize their private costs to the government. D) will lower their private costs to fish.
Economics