Multiple Choice
According to the elimination principle:
A) above-normal profits are eliminated by exit.
B) below-normal profits are eliminated by entry.
C) there is a uniform rate of profit above the normal level in all competitive industries.
D) resources are always moving toward an increase in consumer welfare.
Correct Answer:
Verified
Correct Answer:
Verified
Q69: In a competitive market with four firms
Q70: Oligopolists earn _ profits in the long
Q71: A free market can allocate production across
Q72: When the size of the production is
Q73: Which of the following best illustrates a
Q75: The pursuit of profits in a competitive
Q76: According to Adam Smith and other economists,
Q77: The elimination principle states that _ normal
Q78: In a competitive industry, entry and exit
Q79: In competitive markets,:<br>A) firms will earn zero