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Home Q & A Board Other Fields Homework Help Business Economics
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Retnec Retnec
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7 years ago
If the representative firm in a purely competitive industry earns a profit in the short run, in the long run
A) industry demand will tend to decline, reducing the market price and eliminating all economic profit.
B) additional firms will tend to enter the industry, forcing up the market price.
C) additional firms will tend to enter the industry, reducing the market price.
D) firms will tend to leave the industry, increasing the market price.
E) it will continue to earn an economic profit.
Textbook 
Introduction to Economic Reasoning

Introduction to Economic Reasoning


Edition: 8th
Author:
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VilaVila
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Retnec Author
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#2
7 years ago
You have the correct answer! Smiling Face with Halo
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