In the long run, a perfectly competitive firm will
A) be able to make an economic profit.
B) produce but incur an economic loss.
C) make zero economic profit.
D) not produce and will incur an economic loss equal to its total fixed cost.
E) not produce but not incur an economic loss.
C
Economics
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Which of the following is least likely to be considered a capital input?
A) a sewing machine B) a tractor C) a telephone D) a ten dollar bill
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Because a competitive firm is a price taker, it faces a demand curve that is:
a. perfectly inelastic. b. relatively inelastic. c. relatively elastic. d. perfectly elastic.
Economics