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Question: 12 in the long run a there will be no...

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12. In the long run: A. there will be no entry or exit of firms in this industry B. new firms enter the industry and curve A shifts to the right. C. firms exit this industry and curve A shifts to the left. D. new firms enter this industry and curve F shifts to the right. 13. The long-run equilibrium price in this industry will be: A. Pi 14. The industrys leng-run supply curve is curve: A. C and the industry is an increasing-cost industry B. C and the industry is a decreasing-cost industry C. C and the industry is a constant-cost industry D. A and the industry is an increasing-cost industry E. F and the industry is a decreasing-cost industry I5. In the short run, a typical firm in a perfectly competitive industry: A. must carn only an economic profit B. must earn only a normal profit C. must earn only a negative economic profit D. may earn positive, negative or zero economic profits 16. In the long run, a typical firm in a perfectly competitive industry: A. must carm only an economic profit B. must ean only a normal profit. C. must earn only a negative economic profit D. may eam positive, negative or zero economic profits Figure 1 Indairy Questions 17-24 are on the other side
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