Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the long run, for a perfectly competitive market, if economic profit is Select one: O a. equal to zero, then there is no entry

image text in transcribed
In the long run, for a perfectly competitive market, if economic profit is Select one: O a. equal to zero, then there is no entry or exit of firms into or out of the market. b. All of the above answers are correct. O c. less than zero, then some firms will exit the market and the market supply curve will shift leftward. d. greater than zero, then some firms will enter the market and the market supply curve will shift rightward

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Principles Of Econometrics

Authors: R Hill

4th Edition

1118136969, 9781118136966

More Books

Students also viewed these Economics questions

Question

What must a creditor do to become a secured party?

Answered: 1 week ago

Question

When should the last word in a title be capitalized?

Answered: 1 week ago

Question

Distinguish between poor and good positive and neutral messages.

Answered: 1 week ago

Question

Describe the four specific guidelines for using the direct plan.

Answered: 1 week ago