Long run.

Question

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Answer 1

Question

Chapter 9, Problem 1MC

To determine

Long run.

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.

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Answer 2

Question

Chapter 9, Problem 1MC

To determine

Long run.

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1MC

To determine

Long run.

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 1MC

To determine

Long run.

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1MC

To determine

Long run.

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.

Answer 6

Chapter 9, Problem 1MC

To determine

Long run.

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.

Answer 7

Chapter 9, Problem 1MC

To determine

Long run.

Answer 8

Expert Solution & Answer

Explanation of Solution

In the long run, firms produce according to the market situations. This would eliminate the excess demand or supply in the market. Hence, economic profit is eliminated in the long run and firms obtain normal profit (accounting profit). Thus, option ‘d’ is correct.