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If firms in a perfectly competitive industry are earning a positive economic profit, in the long run firms will enter v the inustry. This will increase v the market supply, and the market price will decrease v Firms will continue to exit v until individual firms in the industry earn positive profit. enter

If firms in a perfectly competitive industry are earning a positive economic profit, in the long run firms will enter v the inustry. This will increase v the market supply, and the market price will decrease v Firms will continue to exit v until individual firms in the industry earn positive profit. enter

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If firms in a perfectly competitive industry are earning a positive economic profit, in the long run firms will enter v the inustry. This will increase v the market supply, and the market price will decrease v Firms will continue to exit v until individual firms in the industry earn positive v profit. enter QUESTION 15 exit An industry supply curve can be derived by: Cross aggregation of individual firm supply. decrease Horizontally summing individual firm supply. Vertically summing individual firm supply. increase Cross-multiplying individual firm supply. positive negative Click Save and Submit to save and submit. Click Save All Answers to save all answers. zero
Transcribed Image Text:If firms in a perfectly competitive industry are earning a positive economic profit, in the long run firms will enter v the inustry. This will increase v the market supply, and the market price will decrease v Firms will continue to exit v until individual firms in the industry earn positive v profit. enter QUESTION 15 exit An industry supply curve can be derived by: Cross aggregation of individual firm supply. decrease Horizontally summing individual firm supply. Vertically summing individual firm supply. increase Cross-multiplying individual firm supply. positive negative Click Save and Submit to save and submit. Click Save All Answers to save all answers. zero
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