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About economic profits...?
Is it true that barriers to entry force economic profits to zero in the long run for most industries?
I would say false, because in perfect competition, industies don't make economic profits. But not sure.
Also
is it true that the law of diminishing (marginal) return applies to both the long run and short run?
1 Answer
- ?Lv 510 years agoFavorite Answer
Barries to entry give the oppertunity for econ profits so the answer is false.
Yes the law is simply stating that as inputs increase, output increases less and less which can happen in both the short and long run
