Suppose the cost curves in the above figure apply to all firms in the industry If the initial price ...........

Suppose the cost curves in the above figure apply to all firms in the industry. If the initial price is P1, firms are

making an economic profit and some firms will leave the industry.

incurring an economic loss and some firms will leave the industry.

making an economic profit and some firms will enter the industry.

incurring an economic loss and some firms will enter the industry.

incurring an economic loss and some firms will leave the industry.

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