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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