11. In the long run,. .ntil prices-----sufficiently to allow all firms to make a normal profit-will---the industry so that the market supply curve shifts tothea)Existing firms, exit, right, dropb)New firms, enter, right, dropc)Existing firms, exit, left, rised)New firms, enter, left, rise

A competitive market is a market structure in which there is a large number of buyers and sellers.…

11. In the long run, ---------- --will---- -he industry so that the market supply curve shifts to the ... .ntil prices-.--sufficiently to allow all firms to make a normal profit a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise

11. In the long run, ---------- --will---- -he industry so that the market supply curve shifts to the ... .ntil prices-.--sufficiently to allow all firms to make a normal profit a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the firm not simply increase its profits by selling an extremely high quantity?
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