In the long run when a perfectly competitive firm experiences positive economic profits firms exit the industry, the market supply curve shilts leftward, and the market price rises. firms enter the industry, the market supply curve shifts rightward, and the market price fals firms enter the industry, the macket supply curve shifts rightward, and the market price rises firms exit the industry, the market supply curve shifts rightward. and the market price falls
In the long run when a perfectly competitive firm experiences positive economic profits firms exit the industry, the market supply curve shilts leftward, and the market price rises. firms enter the industry, the market supply curve shifts rightward, and the market price fals firms enter the industry, the macket supply curve shifts rightward, and the market price rises firms exit the industry, the market supply curve shifts rightward. and the market price falls
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter8: Perefect Competition
Section: Chapter Questions
Problem 17SQ
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