36) Assume that all firms in a perfectly competitive industry are identical. In the long run, free entry and exit guarantee that all firms have zero a) accounting profit b) average total cost c) economic profit d) total fixed cost
36) Assume that all firms in a perfectly competitive industry are identical. In the long run, free entry and exit guarantee that all firms have zero a) accounting profit b) average total cost c) economic profit d) total fixed cost
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter8: An Introduction To Perfect Competition
Section: Chapter Questions
Problem 15PAE
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36) Assume that all firms in a
a) accounting profit
b)
c) economic profit
d) total fixed cost
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