Multiple Choice
If all firms in a perfectly competitive industry earn a normal profit,then:
A) new firms will enter the industry.
B) old firms will exit the industry.
C) the number of firms in the industry is stable.
D) market supply will shift to the left.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: If all firms in a perfectly competitive
Q2: An example of an implicit cost is:<br>A)interest
Q3: Suppose that a firm is located along
Q4: Daily Supply and Demand: Oranges in Hurricane
Q6: Assume that all firms in this industry
Q8: In a perfectly competitive industry over the
Q9: Curly told Larry about his new business
Q10: Explicit costs:<br>A)measure the opportunity costs of the
Q11: Cost saving developments-e.g. ,a new production procedure
Q29: Subsidies are most likely to:<br>A)reduce consumer surplus.<br>B)increase