question archive Which of the following is a likely consequence as firms exit a market
Which of the following is a likely consequence as firms exit a market
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Which of the following is a likely consequence as firms exit a market.
a. The market supply curve shifts to right.
b. Profit decrease for firms that remain in market.
c. Equilibrium output decrease for the market
d. All of the above
When firms in a competitive market are experiencing zero economic profits, this is an indication that:
a.They should be producing a different product.
b.They are doing as well as other companies in other markets
c.They will eventually go bankrupt
d.Accounting losses are being experienced by these firms.
Even if there is only one producer of a particular good, the market may be contestable because:
a.Foreign producers of the good can provide the good to the US market.
b.Domestic firms can potentially enter the market.
c.New technology can make the current good obsolete.
d.All of the above.
When economic profits exists in a perfectly competitive market, the number of suppliers will increase and the market price will fall in the long run. True or False
If a market changes from perfectly competitive to monopolistic, output will increase and the price will decrease, ceteris paribus. True or False
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