Decrease prices as firms enter the industry

When most firms in a competitive industry experience economic profits, in that case long run competitive pressures tend to cause: (w) greater economic profits. (x) prices to decrease as firms enter the industry. (y) industry output to fall. (z) several firms to leave the industry.

Hello guys I want your advice. Please recommend some views for above Economics problems.

View Complete Question

Related Questions in Microeconomics

Q : Substitution effect on supply curves

One of the reasons for positive relationship among relative price and quantity supplied is the: (1) Technology effect, whereby bigger firms generate at lower average costs than the smaller firms. (2) Substitution effect, whereby firms switch among for

Q : Short-run consequence of hurricanes

A probable short-run consequence of a devastating sequence of hurricanes smashing by Florida would be: (w) reductions within the prices of building materials. (x) raises the price of tickets at Disney World. (y) declining demand for Florida oranges due to higher price

Q : Maximizes profit in production of

When Robomatic Corporation maximizes profit in its production of RoboMaids, its monthly total revenue will be roughly: (i) $100 million. (ii) $140 million. (iii) $160 million. (iv) $200 million. (v) $240 million.

Q : Shutdown point in minimum revenue for

The minimum revenue which will induce a firm to produce a specified output in place of shutting down into the short run is the: (a) maximum such consumers are willing to pay for that output. (b) total variable cost of producing such output. (c) short-

Q : Meaning of utility For economists, the

For economists, the term "utility" signifies: 1) versatility and flexibility 2) rationality 3) pleasure and satisfaction 4) purposefulness.

Q : Functional Distribution of Income

Computing the relative shares of national income accounted for by wages, interest, rent, and profit, yields, respectively measures called the: (1) market distribution of income. (2) functional distribution of income. (3) objective distribution of inco

Discover Q & A

Leading Solution Library

Avail More Than 1460931 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1956681
Asked

3,689

Active Tutors

1460931

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment