Assume that firms in a perfectly competitive market are earning economic profits. which of the following statements describes the change in market price and output as a result of the entry of new firms into this market?
a) the short - run market supply curve shifts to the right, causing price to fall and total market output to increase.
b) the short - run market supply curve shifts to the left, causing price to fall and total market output to increase.
c) the market demand curves shifts to the left, causing price to fall and market output to decrease.
d) the market demand curves shifts to the right, causing price to fall and market output to increase.
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Assume that firms in a perfectly competitive market are earning economic profits. which of the follo...
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