In pure competition, if the market price of the product is higher than the minimum average total cost of the firms, then Multiple Choice some firms will exit the industry and the industry supply will decrease. other firms will enter the industry and the industry supply will increase. some firms will exit the industry and the industry supply will increase. other firms will enter the industry and the industry supply will decrease.

In pure competition, if the market price of the product is higher than the minimum average total cost of the firms, then Multiple Choice some firms will exit the industry and the industry supply will decrease. other firms will enter the industry and the industry supply will increase. some firms will exit the industry and the industry supply will increase. other firms will enter the industry and the industry supply will decrease.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 9MC

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