QUESTION 11The competitive firm earns zero or normal profit in long run becauseO Total revenue is greater than Total costsO Price equals to marginal revenueO Price is greater than Average costO Free entry and exit conditionQUESTION 12Diseconomices of scale meansAs output increases , long run avearge cost (LRAC) increasesO if we duble inputs, output will increase by doubleO As output increases , long run avearge cost (LRAC) will not changeO As output increases , long run avearge cost (LRAC) decreasesOUESTI ON 13Click Save and Submit to save and submit. Click Save All Answers to save all answers.

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QUESTION 11 The competitive firm earns zero or normal profit in long run because O Total revenue is greater than Total costs O Price equals to marginal revenue O Price is greater than Average cost O Free entry and exit condition

QUESTION 11 The competitive firm earns zero or normal profit in long run because O Total revenue is greater than Total costs O Price equals to marginal revenue O Price is greater than Average cost O Free entry and exit condition

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 11PA: Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2...

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