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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

You read in a business magazine that computer firms are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time to each of the following?

  1. a. Computer prices
  2. b. The profits of computer firms
  3. c. The number of computers on the market
  4. d. The number of computer firms

(a)

To determine

The changes in price.

Explanation

Assume that computer industry is perfectly competitive. Earning high profit attracts other firms to enter into the market. This leads to increase the supply of computer...

(b)

To determine

The changes in profit of computer firms.

(c)

To determine

The changes in the number of computers.

(d)

To determine

The changes in the number of computer firms.

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