In long-run equilibrium in perfect competition, the entry and exit of firms will drive economic profits to zero
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Show how the profit-maximizing rule for hiring resources is equivalent to the cost-minimizing rule
What will be an ideal response?
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Producer surplus equals
A) total revenue minus total variable cost. B) total revenue minus the sum of all marginal cost. C) profit plus fixed cost. D) All of the above.
Economics