What determines entry and exit of firms in a perfectly competitive industry in the long run? in a perfectly competitive industry in the long run, a. new firms will enter if existing firms are making a profit and existing firms will exit if they are experiencing losses. b. new firms will enter if market demand exceeds market supply and existing firms will exit if market supply exceeds market demand. c. new firms cannot enter the market due to barriers but existing firms will exit if they are experiencing losses. d. new firms will enter if existing firms are making a profit and existing firms will exit if they are breaking even or experiencing losses. e. new firms will enter if price is above the shutdown point and existing firms will exit if price is below the shutdown point?

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.