in the long run, a firm will exit a competitive industry if question 4 options: a) total revenue exceeds total cost. b) the price exceeds average total cost. c) average total cost exceeds the price. d) both a and b are correct.

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01-12-2022
Business

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in the long run, a firm will exit a competitive industry if question 4 options: a) total revenue exceeds total cost. b) the price exceeds average total cost. c) average total cost exceeds the price. d) both a and b are correct.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-12-06T04:17:06+01:00

In the long run, a firm will exit a competitive industry if average total cost exceeds the price (the right option is option C).An industry that is competitive has few entry barriers and permits enterprises to readily enter and depart the market.

Since anyone can choose to create a new pizza shop and existing owners can choose to close their doors whenever they like, the market for pizza restaurants in a particular large city, for instance, may be very price competitive. In long run to customer demand for products and services, a competitive market develops. Due to the competition created by this market system, businesses must assess their costs of production, pricing policies, and product output. A business competes and operates in a dynamic external system known as a competitive environment.

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