L QUANTITY M Refer to Figure 16-8. Which of the following best describes the profit-maximizing outcome for the fir Oa. This firm is incurring a short-run loss, but will earn zero profit in the long run. b. This firm is in long run equilibrium and will continue to earn zero profit. Oc. This firm is earning a short-run profit, but will earn zero profit in the long run. Od. This firm is earning zero profit in the short run, but will earn a positive profit in the long run.
L QUANTITY M Refer to Figure 16-8. Which of the following best describes the profit-maximizing outcome for the fir Oa. This firm is incurring a short-run loss, but will earn zero profit in the long run. b. This firm is in long run equilibrium and will continue to earn zero profit. Oc. This firm is earning a short-run profit, but will earn zero profit in the long run. Od. This firm is earning zero profit in the short run, but will earn a positive profit in the long run.
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Chapter8: Perefect Competition
Section: Chapter Questions
Problem 5SQP
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PRICE ошо K Figure 16-8 B J H M L QUANTITY MC ATC Demand MR Refer to Figure 16-8. Which of the following best describes the profit-maximizing outcome for the firm depicted here? a. This firm is incurring a short-run loss, but will earn zero profit in the long run. b. This firm is in long run equilibrium and will continue to earn zero profit. c. This firm is earning a short-run profit, but will earn zero profit in the long run. d. This firm is earning zero profit in the short run, but will earn a positive profit in the long run.
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