Economics · Forms of Market and Price Determination
Arrange the following stages of adjustment for a perfectly competitive industry in the correct sequence when firms initially earn supernormal profits, leading back to long-run equilibrium: (A) Supernormal profits (B) Entry of new firms (C) Normal profits (D) Increase in market supply
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A → B → D → C✓
- 2B → A → D → C
- 3A → D → B → C
- 4C → B → D → A
Correct answer
A → B → D → C
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