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Assume the firms in a perfectly competitive industry are initially in long-run equilibrium and the ...

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Assume the firms in a perfectly competitive industry are initially in long-run equilibrium and the ...

Assume the firms in a perfectly competitive industry are initially in long-run equilibrium and the cost of labor increases. How will the market adjust over time?
A) Firms will enter the market, causing price to rise until losses are eliminated.
B) Firms will enter the market, causing price to fall until positive profits are eliminated.
C) Firms will exit the market, causing price to rise until losses are eliminated.
D) Firms will exit the market, causing price to fall until positive profits are eliminated.

Textbook

Economics for Managers

Edition: 3^rd

Author: Farnham

Read 132 times

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