If a purely competitive industry is in long-run equilibrium:

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If a purely competitive industry is in long-run equilibrium:

If a purely competitive industry is in long-run equilibrium:
A) each firm in the industry is earning zero economic profits
B) each firm in the industry is earning positive economic profits
C) new firms will enter the industry in order to achieve equilibrium also
D) new entrants will erode positive profits and the industry will eventually shrink

Textbook

Microeconomics

Edition: 2^nd

Author: James

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Costa Author

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Brilliant ツ

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Thanks for your help!!

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