31. In a competitive industry: A) all firms will earn above-normal profits if demand is high. B) the opportunity cost of production is zero. C) profits are only attainable in the long run to those firms able to innovate at the lowest cost D) resources move across firms in such a way that the total value of production is maximized.
31. In a competitive industry: A) all firms will earn above-normal profits if demand is high. B) the opportunity cost of production is zero. C) profits are only attainable in the long run to those firms able to innovate at the lowest cost D) resources move across firms in such a way that the total value of production is maximized.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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