__ 46. Economic profits in a perfectly competitive industry will encourage entry

Question

__ 46. Economic profits in a perfectly competitive industry will encourage entry of new firms, which will shift the market supply curve to the right.

____ 47. Perfectly competitive firms earn zero economic profit in the long run.

____ 48. As an industry's output increases, the industry's demand for the inputs that it uses will also increase.

____ 49. When faced with an economic loss, a competitive firm will exit the industry in the long run.

____ 50. Regardless of the demand for its product, a monopolist will be able to earn positive economic profits.

Explanation / Answer

F,F,T,F,T

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