Suppose firms in a perfectly competitive market are incurring an ...

[serike]

Suppose firms in a perfectly competitive market are incurring an economic loss. Over time
 
  A) other firms enter the market, so the price rises and the economic loss decreases.
  B) some firms leave the market, so the price rises and the economic loss decreases.
  C) other firms enter the market, so the price falls and the economic loss decreases.
  D) some firms leave the market, so the price falls and the economic loss decreases.

Question 2

In comparison to an employer in a competitive labor market, a monopsony employer hires ________ workers and produces ________ output.
 
  A) fewer; less
  B) fewer; more
  C) more; less
  D) more; more

[peilian]

Answer to Question 1

B

Answer to Question 2

A

[serike]

YES! Correct, THANKS for helping me on my review

[JaynaD87]

Thanks for the timely response, appreciate it