In short-run equilibrium in a perfectly competitive market, firms always make zero economic profit

a. True
b. False
Indicate whether the statement is true or false

False

Economics

You might also like to view...

In the figure above, if the price is $8 a unit, is there a shortage or surplus and what is the amount of any shortage or surplus? What is the equilibrium price and quantity?

What will be an ideal response?

Economics

In Figure 3-4 above, the shift from Ap0 to Ap1 could have been caused by a ________ in T of ________

A) fall, 300 B) fall, 180 C) fall, 500 D) rise, 300 E) rise, 500

Economics