In a perfectly competitive industry, firms are likely to Multiple Choice A.) exit when there are economic profits because they know the profits will not last. B.) enter when price is equal to the minimum average total cost. C.) supply will decrease. D.) reduce the level of production when there are economic profits..

In a perfectly competitive industry, firms are likely to Multiple Choice A.) exit when there are economic profits because they know the profits will not last. B.) enter when price is equal to the minimum average total cost. C.) supply will decrease. D.) reduce the level of production when there are economic profits..

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.1: The Theory Of Perfect Competition

Problem 4ST

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