looking for reassurance with this homework problem, the wording confuses me for the solutions, thank you! QUESTION 12If a perfectly competitive industry is in a long-run equilibrium then:All individual firms in the industry are earning zero economic profit, market price = ATCAll individual firms in the industry are earning zero economic profit, P=MCAll individual firms in the industry are maximizing economic profit, P=MCAll individual firms in the industry have shut down if they are earning negative profit.

If a perfectly competitive industry is in a long-run equilibrium then: All individual firms in the industry are earning zero economic profit, market price = ATC O All individual firms in the industry are earning zero economic profit, P=MC O All individual firms in the industry are maximizing economic profit, P=MC O All individual firms in the industry have shut down if they are earning negative profit.

If a perfectly competitive industry is in a long-run equilibrium then: All individual firms in the industry are earning zero economic profit, market price = ATC O All individual firms in the industry are earning zero economic profit, P=MC O All individual firms in the industry are maximizing economic profit, P=MC O All individual firms in the industry have shut down if they are earning negative profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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