Solved: Which of the following will happen in response if perfectly competitive firms

Chapter 0, Problem 5

(choose chapter or problem)

Which of the following will happen in response if perfectly competitive firms are earning positive economic profit? a. Firms will exit the industry. b. The short-run industry supply curve will shift right. c. The short-run industry supply curve will shift left. d. Firm output will increase. e. Market price will increase.

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