Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When economic profits in an industry are zero: O firms are at the shutdown price. the industry is in long-run equilibrium. O firms should exit

image text in transcribed

image text in transcribed
When economic profits in an industry are zero: O firms are at the shutdown price. the industry is in long-run equilibrium. O firms should exit so they can make an economic profit in some other market. O the industry is not in long-run equilibrium

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

Microeconomics

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

1st Edition

978-1464146978, 1464146977

More Books

Students also viewed these Economics questions

Question

4. What is the goal of the others in the network?

Answered: 1 week ago

Question

2. What we can learn from the past

Answered: 1 week ago