Suppose that firms in a monopolistically competitive industry are making positive profits in the short run.

select the correct answers below to describe what will happen in this industry in the long run.

since profits are greater than zero, firms will enter/exit

as this occurs, demand for each firm will, increase/decrease/stay the same

this will continue until, profits increase/decrease/equal zero

at this point, p=atc/p=mr/p=mc

Aminor has the legal right to repudiate

Scenario: you have advised the owner of bond's gym that the best thing to do would be to raise the price of a monthly membership. the owner wants to know what may happen once this price increase goes into effect. what will most likely occur after the price of a monthly membership increases? check all that apply. current members will pay more per month. the quantity demanded for memberships will decrease. the number of available memberships will increase. the owner will make more money. bond's gym will receive more membership applications.

Which of the following would classify as a general education requirement