Author Question: For a perfectly competitive industry, an improvement in technology will cause (Read 58 times)

newbem · **on:** Apr 19, 2019

Question 1

Industries in which firms are enjoying positive profits are likely to ________ in the long run.

◦ expand
◦ contract
◦ neither expand nor contract, as firms must earn an economic profit to stay in business
◦ expand or contract depending on the normal rate of return

Question 2

For a perfectly competitive industry, an improvement in technology will cause

◦ a movement up the short-run industry supply curve.
◦ a movement down the short-run industry supply curve.
◦ the industry short-run supply curve to shift to the right.
◦ the industry short-run supply curve to shift to the left.

diesoon · **Reply #1 on:** Apr 19, 2019

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