Chapter 6

sellers can respond to potential profits in a market by entering or can leave markets that are no longer profitable

if many firms leave a market, the supply curve will __ and market price will __

period of time where some of the firms inputs cannot be changed

period of time where all of the firms inputs can be changed

Variable costs change as the level of output changes

Do not change as output changes

profit

some of the factors of production, change labor

all factors , change all resources

eventually , marginal product falls =