If firms in a market always earn zero economic prafit in the long run, then which of the following must be true about this particular market Oa. firms are price takers O b. the market has no barriers to entry and exit Oc. there are many small firms within the market Od. firms in the market produce homogeneous goods e. firms in the market have high costs

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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If firms in a market always eam zero economic profit in the long run, then which of the following must be true about this particular market
O a. firms are price takers
O b. the market has no barriers to entry and exit
O c. there are many small firms within the market
O d. firms in the market produce homogeneous goods
O e. firms in the market have high costs
Transcribed Image Text:If firms in a market always eam zero economic profit in the long run, then which of the following must be true about this particular market O a. firms are price takers O b. the market has no barriers to entry and exit O c. there are many small firms within the market O d. firms in the market produce homogeneous goods O e. firms in the market have high costs
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