Industries in which firms are enjoying positive profits are likely to ________ in the long-run.Group of answer choicesexpandcontractneither expand nor contract, as firms must earn an economic profit to stay in businessexpand or contract depending on the normal rate of return

Firms that operate in a perfectly competitive industry __.Multiple choice question.make long-run or normal profitsdifferentiate their productsdo not differentiate their productsnever incur short-run profits

Multiple Choice QuestionA(n) Blank______ is able to maintain an economic profit in the long run because there are no new entrants to increase supply, drive down price, and eliminate economic profit.Multiple choice question.oligopolistic firmmonopolistically competitive firmperfectly competitive firmmonopoly

A firm in long-run equilibrium under monopolistic competition will earnA) positive oligopoly profits because each firm sells a differentiated product.B) zero economic profits because of free entry.C) negative economic profits because it has economies of scale.D) positive economic profit if it engages in international trade.E) positive monopoly profits because each sells a differentiated product.

Which statement is true? Group of answer choicesZero economic profits in the long run means that firms make zero accounting profits.Free entry and exit in a competitive industry means that firms make negative economic profits in the long run.A competitive firm in the long run can make positive economic profits.A competitive firm in the long run will always leave the industry as it makes zero economic profits.None of the above.

In the long run,:Multiple choice question.total cost exceeds total revenue.total revenue exceeds total cost.firms earn a normal profit.firms have incentive to enter the market.