An imperfectly competitive firm was earning supernormal profits. In the next year, it earned normal profit, while output stayed unchanged. How might this be represented on a diagram for an imperfectly competitive firm?
- Aby a movement to the left of the average revenue curve
- Bby a movement to the right of the marginal revenue curve
- Cby a shift to the right of the marginal cost curve
- Dby an upward shift in the average cost curve