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Which of the Following Is True Concerning Purely Competitive Industries

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Increase output to increase price to decrease and profits to decrease. A must earn a normal profit in the short run. Econ 150 Microeconomics C cannot earn economic profit in the short run. . In the short run firms may incur economic losses or earn economic profits but in the long run they earn normal profits. Marginal cost equals average variable. Which of the following is true concerning purely competitive industries. May realize either economic profit or losses in the long run. The firm is earning an economic profit B. There will be economic losses in the long run because of cut-throat competition. In an economy where firms in most industries are purely competitive firms individual firms in each industry would produce _____ products and have a _____ share of industry output. Which of the following is true concerning purely competitive industries. Other firms will enter this industry. As
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