In a perfectly competitive market, the firms are observed to make negative economic profits in (39) the market. Supply will (41). Hence profits will continue until the market equilibrium price corresponds to the minimum of the the short run. Hence, firms equilibrium price will, _(40). Market (42). The process will _(43) function. 39. a) enter b) exit 40. a) increase b) decrease 41. a) increase b) decrease 42. a) decrease b) increase 43. a) long run average cost b) long run marginal cost

In a perfectly competitive market, the firms are observed to make negative economic profits in (39) the market. Supply will (41). Hence profits will continue until the market equilibrium price corresponds to the minimum of the the short run. Hence, firms equilibrium price will, _(40). Market (42). The process will _(43) function. 39. a) enter b) exit 40. a) increase b) decrease 41. a) increase b) decrease 42. a) decrease b) increase 43. a) long run average cost b) long run marginal cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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