If firms in competitive industries lower their costs

If firms in competitive industries lower their costs

Question # 00250411 Posted By: solutionshere Updated on: 04/13/2016 11:34 AM Due on: 05/13/2016
Subject Economics Topic General Economics Tutorials:
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True, false, or uncertain- "If firms in competitive industries lower their costs, profits will not be altered, since in competition all firms earn zero profits. Therefore, competitive firms have no incentive to find new ways of lowering costs" Explain why.
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    Tutorial # 00245641 Posted By: solutionshere Posted on: 04/13/2016 11:34 AM
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