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If a typical firm in a perfectly competitive industry is earning profits, then

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If a typical firm in a perfectly competitive industry is earning profits, then

If a typical firm in a perfectly competitive industry is earning profits, then
A) all firms will continue to earn profits.
B) new firms will enter in the long run causing market supply to decrease, market price to rise and profits to increase.
C) new firms will enter in the long run causing market supply to increase, market price to fall and profits to decrease.
D) the number of firms in the industry will remain constant in the long run.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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