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Suppose the firms in a purely competitive industry are in a long-run equilibrium when the industry ...

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Suppose the firms in a purely competitive industry are in a long-run equilibrium when the industry ...

Suppose the firms in a purely competitive industry are in a long-run equilibrium when the industry experiences a reduction in demand. Which of the following will occur?
A) In the short run, firms will earn profits and will expand output; in the long run, additional firms will enter the industry until only a normal profit is earned.
B) In the short run, firms will incur losses but will continue to produce the same output; in the long run, firms will leave the industry until only a normal profit is earned.
C) In the short run, firms will earn profits and will contract output; in the long run, firms will leave the industry until the remaining firms can earn an economic profit.
D) In the short run, firms will incur losses and will contract output; in the long run, firms will leave the industry until the remaining firms can earn a normal profit.

Textbook

Introduction to Economic Reasoning

Edition: 8^th

Author: Rohlf

Read 140 times

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Mandolina Author

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7 years ago

Makes a ton of sense now Smiling Face with Open Mouth

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