In the long run, the economic profit of a firm in a perfectly competitive market
A) will be above zero.
B) will be below zero.
C) will equal zero.
D) can be above, below, or equal to zero.
C
Economics
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The above figure depicts the market for video games. If the government imposed a $3 per game tax on sellers, what would be the new equilibrium price paid by consumers after the tax?
A) less than $27 per game B) $27 per game C) more than $27 per game. D) More information is needed to determine if the price is more than, less than, or equal to $27 per game.
Economics
Which of the following measures are government regulations to increase competition?
A) Government ends the ban on steel imports. B) Government shortens the term of the patent for a drug. C) Government subsidizes firms to enter energy market. D) All of above.
Economics