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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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O Macmillan Learning If firms in a perfectly competitive industry are experiencing economic losses, cause industry supply to and market price to exit; decrease; increase exit; decrease; decrease entry; increase; decrease O exit; increase; decrease will occur in the long run, which will
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