In the Long Run When a Perfectly Competitive Firm Experiences

question 372

Multiple Choice

In the long run when a perfectly competitive firm experiences positive economic profits

• A) firms exit the industry, the market supply curve shifts rightward, and the market price falls.
• B) firms enter the industry, the market supply curve shifts rightward, and the market price falls.
• C) firms exit the industry, the market supply curve shifts leftward, and the market price rises.
• D) firms enter the industry, the market supply curve shifts rightward, and the market price rises.

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Definitions:

Detail

The extent of specificity and depth in the documentation or planning of a project or its components.

Unit Of Measure

The standard dimension, quantity, or capacity by which the magnitude of an object or phenomenon is determined.

Conceptual Phase

The initial stage of a project or product development where ideas are generated, explored, and evaluated.

Duration

The total time taken to complete a task, project, or event from its start to its finish.