Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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If the graph below depicts the operations of the average firm in a perfectly
competitive industry, which of the following is most likely to occur?
P
ATC
MC
D
new firms will enter the market increasing price and profits
new firms will enter the market decreasing price and profits
existing firms will exit the market increasing price and profits
existing firms will exit the market decreasing price and profits
none of the above
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Transcribed Image Text:If the graph below depicts the operations of the average firm in a perfectly competitive industry, which of the following is most likely to occur? P ATC MC D new firms will enter the market increasing price and profits new firms will enter the market decreasing price and profits existing firms will exit the market increasing price and profits existing firms will exit the market decreasing price and profits none of the above
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