John Redcorn participates in the competitive corn market. He sells his organic yellow and blue maize to popcorn manufacturers. He as well as other firms are currently making an economic profit. In the long run, we should expect firms to ________________ the market until all firms are ___________. Group of answer choices enter, covering only their variable costs. enter, expecting to cartelize the industry. enter, making zero economic profit. enter, making positive economic profit.
John Redcorn participates in the competitive corn market. He sells his organic yellow and blue maize to popcorn manufacturers. He as well as other firms are currently making an economic profit. In the long run, we should expect firms to ________________ the market until all firms are ___________. Group of answer choices enter, covering only their variable costs. enter, expecting to cartelize the industry. enter, making zero economic profit. enter, making positive economic profit.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter12: Price And Output Determination: Oligopoly
Section: Chapter Questions
Problem 4E
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Question
John Redcorn participates in the competitive corn market. He sells his organic yellow and blue maize to popcorn manufacturers. He as well as other firms are currently making an economic profit. In the long run, we should expect firms to ________________ the market until all firms are ___________.
Group of answer choices
enter, covering only their variable costs.
enter, expecting to cartelize the industry.
enter, making zero economic profit.
enter, making positive economic profit.
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