Which statement about economic profit is FALSE? All firms are guaranteed to earn economic profit. Economic profit promotes the efficient use of resources. Economic profit tells firms which products consumers like. Economic profit provides firms with incentives to innovate.

Which statement about economic profit is FALSE? All firms are guaranteed to earn economic profit. Economic profit promotes the efficient use of resources. Economic profit tells firms which products consumers like. Economic profit provides firms with incentives to innovate.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 1MC

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Which statement about economic profit is FALSE?
All firms are guaranteed to earn economic profit.
Economic profit promotes the efficient use of resources.
Economic profit tells firms which products consumers like.
Economic profit provides firms with incentives to innovate.

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