Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, tutor, I'd like to ask why this question choose the last one? Question A13 The market for pens is perfectly competitive and is currently

Hi, tutor, I'd like to ask why this question choose the last one?

image text in transcribed
Question A13 The market for pens is perfectly competitive and is currently in equilibrium. What will happen if pens become more popular among university students? A) In the short run, firms will experience economic profits, but in the long run, firms will leave the market, bringing economic profits back down to zero. B) In the short run, firms will experience economic profits, but in the long run, firms will enter the market, bringing economic profits back up to zero. C) In the short run, firms will incur economic losses, but in the long run, firms will leave the market, bringing economic profits back down to zero. D) In the short run, firms will incur economic losses, but in the long run, firms will enter the market, bringing economic profits back down to zero. E) None of these answers are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

University Physics with Modern Physics

Authors: Hugh D. Young, Roger A. Freedman

14th edition

978-0133977981

Students also viewed these Economics questions