Because barriers to entry are low in competitive price-searcher markets, in the long run, a firm's price will be equal to

Is it true that in the long run it is impossible for firms functioning in a perfectly competitive market to earn positive economic profits? Explain your answer

What will be an ideal response?

Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. What is Archibald's shut-down point?

A) $10.00 B) $16.67 C) $15.00 D) $12.50