Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Whenever firms can freely enter and exit a market, a. firms can never earn an economic profit, even in the short run. b. prices will

Whenever firms can freely enter and exit a market, a. firms can never earn an economic profit, even in the short run. b. prices will be the same for all firms in the market. c. products will be identical for all firms in the market. d. profits and losses will play an important role in determining the whether firms enter or exit the industry

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_2

Step: 3

blur-text-image_3

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 economics

Authors: N. Gregory Mankiw

6th Edition

978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042

More Books

Students also viewed these Economics questions