Suppose that in a perfectly competitive market, firms are making economic profits. In the long run, we can expect to see:
a. some firms leave.
b. the market price rise.
c. market supply shift to the left.
d. economic profits become zero.
e. production levels remaining the same as in the short-run.
d
Economics
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A monopolist maximizes profits by
a. producing an output level where marginal revenue equals marginal cost. b. charging a price that is greater than marginal revenue. c. earning a profit of (P - MC) x Q. d. Both a and b are correct.
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How many Federal Reserve Banks are there?
A. 7 B. 15 C. 5500 (approximately) D. 12
Economics