If entry is limited due to a limited input, firms in that market earn long run economic profit.
Indicate whether the statement is true or false
Question 2
Before the DVD, the VCR was a popular format for taping and replaying video. When the DVD was introduced, which of the following most accurately describes the long-run adjustment process in the VCR industry?
A) Costs increased, price increased, demand decreased, quantity decreased, profit decreased.
B) Demand increased, costs increased, price increased, quantity increased, profit decreased.
C) Demand decreased, quantity decreased, price decreased, profit decreased.
D) Demand decreased, price decreased, quantity decreased, profit decreased.
economic question
economic question
economic question
economic question
Economic practice question
The Hfr chromosome time-of-entry map is assembled from the recombinant data