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Author Question: Refer to Figure 3-5. At a price of 5, the quantity sold A) is 2 units. B) is 4 units. C) is 6 ... (Read 88 times)

dbose

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on: Jun 29, 2018
Refer to Figure 3-5. At a price of 5, the quantity sold
 
  A) is 2 units. B) is 4 units.
  C) is 6 units. D) cannot be determined.

Question 2

What triggers exit in a competitive market? Describe the process that ends further exit.
 
  What will be an ideal response?


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nixon_s

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

When firms in a competitive market are incurring an economic loss, some of the firms will exit the market. As these firms exit, the supply decreases and the price rises. The rise in the price eventually eliminates the economic loss, at which time exit stops.


dbose

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Reply #2 on: Jun 29, 2018
Thank you :)


nixon_s

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Reply #3 on: Jun 29, 2018
Happy to help you


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