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Loraine Loraine
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8 years ago
The corn market is perfectly competitive, with thousands of corn farmers. In the 2000s, the price of corn soared so that new farmers entered the corn market. Initially, entry ________ the economic profit of the initial corn farmers and in the long run the initial corn farmers ________.
A) increased; made an even greater economic profit than initially
B) decreased; made zero economic profit
C) increased; made zero economic profit
D) decreased; incurred an economic loss
E) increased; made an economic profit
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
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8 years ago
You're welcome Happy Dummy
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