Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict thatQuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. firms will attempt to lower their implicit costs.
B. price must rise.
C. new firms will enter the industry.
D. old firms will exit the industry.
Answer: C
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