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Question: A competitive industry is in long run equilibrium when:  exit or entry drives firms' economic pro...

Show transcribed image text A competitive industry is in long run equilibrium when: exit or entry drives firms' economic profits to zero. firms are producing at their maximum capacities. quantity supplied consistently exceeds quantity demanded. the market price more than covers average total cost.

A competitive industry is in long run equilibrium when: exit or entry drives firms' economic profits to zero. firms are producing at their maximum capacities. quantity supplied consistently exceeds quantity demanded. the market price more than covers average total cost.