If firms in a competitive market are making positive economic profits, you would expect firms to __________ the market, causing the market __________ curve to shift to the __________.Group of answer choicesenter; demand; leftleave; supply; leftenter; supply; rightenter; demand; rightenter; supply; left

As long as economic losses are being earned in an industry, firms will ________ the industry and the supply curve will shift to the ________.Group of answer choicesenter; rightenter; leftexit; leftexit; right

In monopolistically competitive markets, positive economic profits ____________ which shifts the demand curve of incumbent firms ___________ :Group of answer choicessignal some incumbent firms to exit; downwards.signal some incumbent firms to exit; upwards.signal new firms to enter; to the left.signal new firms to enter; to the right.signal some incumbent firms to exit; to the right.

In monopolistically competitive markets, economic losses:Group of answer choicessignal new firms to enter, which shifts the demand curve of the remaining firms to the left.signal new firms to enter, which shifts the supply curve of the remaining firms to the left.signal new firms to enter, which shifts the demand curve of the remaining firms downwards.signal some incumbent firms to exit, which shifts the supply curve of the remaining firms upwards.signal some incumbent firms to exit, which shifts the demand curve of the remaining firms to the right.

Consider a market with a downward-sloping demand curve. Assume that all firms in a competitive market are initially in a long-run and short-run equilibrium. Suppose the variable costs of production increase, which shifts up the marginal cost and average total cost curves to the same extent. In the long run we would expect the price to _________ and the number of firms in the market to ___________.Group of answer choicesincrease; decreaseincrease; increasedecrease; decreasedecrease; increaseNone of the above

Under perfect competition, if an industry is characterized by positive economic profits in the short runQuestion 2Select one:a.firms will enter the market in the long run and the short-run supply curve will shift outward.b.firms will leave the market in the long run and the short-run supply curve will shift inward.c.firms will leave the market in the long run and the short-run supply curve will shift outward.d.firms will enter the market in the long run and the short-run supply curve will shift inward.Clear my choice