View the step-by-step solution to:

If firms in a competitive market are making positive economic profits, the long-run market supply curve: is above the point where the short-run...

If firms in a competitive market are making positive economic profits, the long-run market supply curve:


is above the point where the short-run market supply curve and the demand curve intersect.

is below the point where the short-run market supply curve and the demand curve intersect.

and the short-run market supply curve and the demand curve all intersect at the same point.

shifts upward.

shifts downward.

Top Answer

Please see the attached... View the full answer

1 comment
  • this answer is wrong.
    • Pcarden
    • May 05, 2018 at 10:17am

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online