In the Long Run,when There Are Economic Profits,firms Enter the Industry,which

question 218

True/False

In the long run,when there are economic profits,firms enter the industry,which will increase the market supply and increase the price until economic profits are zero.

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Definitions:

Gasoline Purchased

The amount of gasoline acquired by consumers, often measured in gallons or liters, for the purpose of powering vehicles.

Scientific Method

A systematic process used for research and experimentation that involves observation, hypothesis formulation, experimentation, and conclusion to validate or invalidate a theory.

Formulate Hypothesis

The process of developing a testable statement or prediction based on observations and existing knowledge.

Reflect Opinion

To show, represent, or express the views, attitudes, or sentiments of individuals or groups.