In the long run, a perfectly competitive firm makes
A) a positive economic profit.
B) zero economic profit.
C) negative economic profit, that is, an economic loss.
D) zero accounting profit.
E) either a positive economic profit or a normal profit.
B
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The decrease in social surplus from a market distortion is referred to as:
A) deadweight loss. B) market loss. C) revenue loss. D) Pareto loss.
Refer to Table 9-19. Looking at the table above, what is the rate of growth of the average price level from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4% E) 5%
An equilibrium in which each player chooses its best strategy given the strategies chosen by the other players is called a Nash equilibrium
Indicate whether the statement is true or false
Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?
A. Per capita GDP. B. Real GDP. C. GDP. D. Economic growth.