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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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When new firms enter a perfectly competitive market, what will be the likely result?

The short-run market supply curve shifts right.

The short-run market supply curve shifts left.

none of the above

Existing firms will increase prices in response to the entry of the new firms.

Demand increases.

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If a perfectly competitive firm is producing an output at which price is equal to minimum average total cost, the firm

is making an economic profit.

is incurring an economic loss.

is breaking even.

is not producing its profit-maximizing quantity.

should shut down.

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