The greater are the barriers to entry into an industry
A. the more elastic will be the demand curves for existing firms.
B. the more likely that existing firms will enjoy large profits in the long run.
C. the lower will be short-run profits.
D. the lower will be the average cost curves of existing firms.
B. the more likely that existing firms will enjoy large profits in the long run.
Economics
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Refer to Figure 18.4. With free trade, what is the equilibrium quantity of gloves in Duckland?
A) 100 B) 80 C) 60 D) 40
Economics
What happens if price falls below the market clearing price?
A) Demand shifts out. B) Supply shifts in. C) Quantity demanded decreases, quantity supplied increases, and price falls. D) Quantity demanded increases, quantity supplied decreases, and price rises.
Economics