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Suppose a perfectly competitive firm and industry are in long-run equilibrium and the firm earns an economic profit in the short run. Which of the following is likely to occur in the long run?
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Suppose a perfectly competitive firm and industry are in long-run equilibrium and the firm earns an economic profit in the short run. Which of the following is likely to occur in the long run?

User Dr Hannibal Lecter
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Answer:

The answer is the market supply curve will shift to the right, and the market price will decrease.

Step-by-step explanation:

It is likely to the market supply curve will shift to the right, and the market price will decrease.

User Ragen Dazs
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