Firms will continue to enter a competitive industry until:
a. the supply curve is vertical.
b. the market price falls below average variable cost.
c. any economic profits have been competed away.
d. all resources are fully employed.
Question 2
Per capita income is calculated as:
a. national income divided by number of households.
b. national income divided by number of people.
c. number of households divided by national income.
d. number of people divided by national income.
e. number of people divided by domestic income.
competitive inhibition
Non-competitive inhibition
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