In the long run under perfect competition, all firms in the same market
a. earn the same money profit
b. have the same opportunity costs
c. earn the same economic profit
d. face the same explicit costs
e. earn the same money profit and the same economic profit
C
Economics
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Refer to the table above. If the market price of wine is $4/bottle, and the market demand for wine is 65 bottles, Sandra's demand for wine is:
A) 18 bottles. B) 40 bottles. C) 47 bottles. D) 111 bottles.
Economics
In economics, international trade is based on the existence of
A) absolute advantage between countries. B) relative advantage between countries. C) comparative advantage between countries. D) output advantage between countries.
Economics