If in a Perfectly Competitive Market, Firms Are Facing a Price

question 263

Multiple Choice

If in a perfectly competitive market, firms are facing a price below their average total cost but above average variable cost at the profit-maximizing output, then

• A)the industry supply will not change.
• B)new firms are attracted to the industry.
• C)some existing firms will exit the industry.
• D)firms are breaking even.

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