When new firms enter a perfectly competitive market,
A. economic profits of existing firms will continue to be zero.
B. entering firms will earn zero economic profit upon entry into the market.
C. existing firms may see their costs rise if more firms compete for limited resources.
D. prices will rise as existing firms raise prices to keep new firms out of the market.
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A competitive market is in long-run equilibrium. If demand decreases, we can be certain that price will
A. fall in the short run. All firms will shut down, and some of them will exit the industry. Price will then rise to reach the new long-run equilibrium.
B. fall in the short run. No firms will shut down, but some of them will exit the industry. Price will then rise to reach the new long-run equilibrium.
C. fall in the short run. All, some, or no firms will shut down, and some of them will exit the industry. Price will then rise to reach the new long-run equilibrium.
D. not fall in the short run because firms will exit to maintain the price.
When some resources used in production are only available in limited quantities, it is likely that the long-run supply curve in a competitive market is
A. downward sloping.
B. upward sloping.
C. horizontal.
D. vertical.
For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.
A. 对
B. 错
When an individual firm in a competitive market increases its production, it is likely that the market price will fall.
A. 对
B. 错
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