Multiple Choice
Suppose the equilibrium price in a perfectly competitive industry is $100,and a firm in the industry charges $112.Which of the following is likely to happen?
A) The firm will not be able to sell any of its output.
B) The firm will sell more output than its competitors.
C) The firm's profits will increase.
D) The firm's revenue will increase.
E) The firm will gradually take over the entire industry.
Correct Answer:
Verified
Correct Answer:
Verified
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