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Consider two competitive industries, the pizza industry and thebaseball bat industry. In order to produce...

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Economics

Consider two competitive industries, the pizza industry and thebaseball bat industry. In order to produce their respective goods,both industries need labor and capital. Suppose that last year bothindustries earned a profit, but the bat industry earned a higherprofit than the pizza industry. a. How will each industry'sprofitability affect the flow of labor and capital? Labor andcapital will

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will remain at their current levels in both industries.eventually be equal in both industries. shift from the baseballindustry to the pizza industry in order to boost revenue. shiftfrom the pizza industry to the baseball bat industry because it ismore profitable. b. Which of the statements is true about thebalance of industries in the long run? In the long run.

100?

all firms will carn normal profits.

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all firms will carn above-normal profits. some firms will earn anormal profit while others earn below-normal profits.

100?

all firms will carn below-normal profits.

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