If firms in an industry are obtaining economic profits, firms will (enter, leave) ____________ the industry; the price of the industry’s product will (rise, fall) ________ ; the industry will employ (more, fewer) _________ resources and produce a (larger, smaller) ____________ output; and the industry’s economic profits will (increase, decrease) until they are equal to (zero, infinity) ____________.
I know it’s Enter, Fall, ____, _____, decrease, zero.
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If firms in an industry are obtaining economic profits, firms will enter the industry; the price of the industry’s product will fall; the industry will employ more resources and produce a larger output; and the industry’s economic profits will decrease until they are equal to zero.
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