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The corn market is perfectly competitive, with thousands of corn farmers. In the 2000s, the price of corn soared so that new farmers entered the
The corn market is perfectly competitive, with thousands of corn farmers. In the 2000s, the price of corn soared so that new farmers entered the corn market. Initially, entry ________ the economic profit of the initial corn farmers and in the long run the initial corn farmers ________. Select one: A. decreased; made zero economic profit B. decreased; incurred an economic loss C. increased; made an economic profit D. increased; made zero economic profit E. increased; made an even greater economic profit than initially
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