Multiple Choice
The long-run competitive equilibrium model describes what happens to an industry after
A) all existing firms disappear.
B) only one firm survives.
C) the government intervenes.
D) the entry and exit of firms over time.
E) the market no longer exists.
Correct Answer:
Verified
Correct Answer:
Verified
Q123: Suppose a competitive industry is in long-run
Q124: Exhibit 9-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6906/.jpg" alt="Exhibit 9-1
Q125: External diseconomies of scale occur when<br>A)industry expansion
Q126: In a long-run equilibrium, a firm produces
Q127: An industry previously in long-run equilibrium might
Q129: External diseconomies cause the long-run industry supply
Q130: Explain why a sudden decrease in demand
Q131: Which of the following statements is false
Q132: In a competitive market, capital allocation is
Q133: Firms leave a competitive industry in the