For a competitive market in the long run,
A. Economic profit is positive.
B. Economic losses induce firms to shut down.
C. Economic profits induce firms to enter until profits are normal.
D. Accounting profit is zero.
Answer: C
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What will be an ideal response?
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A) supports; supports B) supports; does not support C) do not support; does not support D) do not support; supports
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a. True b. False Indicate whether the statement is true or false