QUESTION 21 pointsWhich of the following statements is correct?A. Economic profits induce firms toleave an industry; profits encourageB. Economic profits induce firms toO C. Economic profits and losses have noD.Normalenter an industry; losses encouragesignificant impact on the growth ordecline of an industryprofits willfirms to leavefirms to leavecause anindustry toеxpand

Economic costs are the cost which includes both implicit (opportunity cost) and explicit cost.

Which of the following statements is correct? A. Economic profits induce firms to O B.Economic profits induce firms to enter an industry; losses encourage O C. Economic profits and losses have no O D.Normal profits will significant impact on the growth or decline of an industry leave an industry; profits encourage firms to leave firms to leave cause an industry to expand

Which of the following statements is correct? A. Economic profits induce firms to O B.Economic profits induce firms to enter an industry; losses encourage O C. Economic profits and losses have no O D.Normal profits will significant impact on the growth or decline of an industry leave an industry; profits encourage firms to leave firms to leave cause an industry to expand

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 a graph is used to compare total revenue and total cost of a perfectly competitive firm, then the horizontal axis of the graph will represent the and the vertical axis will represent OA. price, measured in dollars; quantity of goods produced O B. total costs measured in dollars; quantity of goods produced O C. quantity produced; both total revenue and total costs, measured in dollars. O D. quantity produced; total revenue and total variable costs, measured in dollars.