Business, 16.12.2019 20:31 emily200705

Suppose that firms in a monopolistically competitive industry are making positive profits in the short run.

select the correct answers below to describe what will happen in this industry in the long run.

since profits are greater than zero, firms will enter/exit

as this occurs, demand for each firm will, increase/decrease/stay the same

this will continue until, profits increase/decrease/equal zero

at this point, p=atc/p=mr/p=mc

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