In a competitive market with free entry and exit from the market a permanent rise in demand will lead to Select one or more: a. excess profits being made in the short run (before new firms can enter) b. entry by new firms c. a permanent rise in prices d. normal profits being made in the long- run Select one or more: a. excess profits being made in the short run (before new firms can enter) b. entry by new firms C. a permanent rise in prices d. normal profits being made in the long-run

In a competitive market with free entry and exit from the market a permanent rise in demand will lead to Select one or more: a. excess profits being made in the short run (before new firms can enter) b. entry by new firms c. a permanent rise in prices d. normal profits being made in the long- run Select one or more: a. excess profits being made in the short run (before new firms can enter) b. entry by new firms C. a permanent rise in prices d. normal profits being made in the long-run

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 10PA

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