In a perfectly competitive market, the process of entry and exit will end when
a. price equals minimum marginal cost.
b. marginal revenue equals marginal cost.
c. economic profits are zero.
d. accounting profits are zero.
c
Economics
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Which of the following does not constitute a household consumption item?
a. A pair of jeans b. A bottle of Beck's beer c. A haircut d. A steam turbine electric generator e. A packet of breakfast cereal
Economics
In the flow of income and spending, saving and investment are, respectively:
A. An injection and a leakage B. A leakage and an injection C. Wealth and income D. Income and wealth
Economics