If perfectly competitive firms are earning positive economic profits in the short run, then in the long run other firms will enter the market.
Answer the following statement true (T) or false (F)
True
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As price increases, additional suppliers are willing to produce a commodity.
Answer the following statement true (T) or false (F)
As we move down a person's demand curve, marginal utility declines
a. True b. False Indicate whether the statement is true or false
Ceteris paribus, an increase in the price of a good will cause the
a. quantity demanded of the good to increase. b. quantity supplied of the good to decrease. c. consumer surplus derived from the good to decrease. d. demand of the good to increase.
If the quantity output and average cost at that output level are known, then it is possible to determine marginal cost for that output level.
Answer the following statement true (T) or false (F)