If a competitive firm is operating at its efficient scale, then is the firm's profit positive, zero, or negative?
Profit is zero for a competitive firm operating at its efficient scale.
You might also like to view...
When consumers decide to increase household debt, this action will
A. increase the amount consumed along a stable consumption schedule. B. shift the consumption schedule upward. C. decrease the amount consumed along a stable consumption schedule. D. shift the consumption schedule downward.
The profit earned by a monopolistic competitor after the entry of new firms is ________
A) higher than the profit earned by the firm before the entry of new firms B) lower than the profit earned by the firm before the entry of new firms C) equal to the profit earned by a monopolist in the long run D) higher than the profit earned by a perfect competitor in the long run
Even though the number of workers in manufacturing has increased in the post-war world (since 1947), the proportion of manufacturing workers in the total labor force has declined
Indicate whether the statement is true or false
How do price controls undermine the market as a communication device?