The Process of Adjustment to a New Long-Run Equilibrium in a Perfectly

Multiple Choice

The process of adjustment to a new long-run equilibrium in a perfectly competitive industry is complete when

A) no firms want to enter or exit the industry.
B) every firm has adjusted its production process to make the most efficient use of its resources.
C) investors in the industry receive the standard economy-wide rate of return on their investments.
D) All of the responses are correct.