In the long-run equilibrium in a perfectly competitive market,: a . the firms make an economic profit . b. the firms' owners make a normal profit . C. the average total cost is maximized . d . marginal cost is at a minimum
In the long-run equilibrium in a perfectly competitive market,: a . the firms make an economic profit . b. the firms' owners make a normal profit . C. the average total cost is maximized . d . marginal cost is at a minimum
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section14.3: The Supply Curve In A Competitive Market
Problem 3QQ
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In the long-run equilibrium in a perfectly competitive market,: a . the firms make an economic profit
. b. the firms' owners make a normal profit
. C. the average total cost is maximized .
d . marginal cost is at a minimum .
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