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If firms in a competitive industry are earning positive economic profits, in the long run we expect

imomo

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If firms in a competitive industry are earning positive economic profits, in the long run we expect

If firms in a competitive industry are earning positive economic profits, in the long run we expect

▸ there would be no change in the industry as long as P = MC for the individual firms.

▸ the supply curve for the product will shift to the right as new firms enter the industry, causing industry output to increase and price to fall.

▸ the demand curve for the product will shift to the left, so that the price of the product will fall.

▸ the individual firms will lower their price to discourage new firms from entering the industry.

▸ the government would intervene and force the firms to lower prices.

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Microeconomics

Edition: 17^th

Author: Ragan

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alexisgardner09

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More solutions for this book are available here

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imomo Author

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A year ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

zsc999

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Correct

Kstan109

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You make an excellent tutor!

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