MANAGERIAL ECONOMICS (LOOSELEAF)
MANAGERIAL ECONOMICS (LOOSELEAF)
5th Edition
ISBN: 9781337571371
Author: FROEB
Publisher: CENGAGE L
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Chapter 9, Problem 1MC
To determine

Long run.

Expert Solution & Answer
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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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