Normal profit is zero when a firm's revenues just cover its economic cost.
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Q129: The production decision is another term for
Q130: When businesses earn zero economic profit,they have
Q131: Maximizing revenue maximizes profits.
Q132: Perfect competition is a market in which
Q133: For perfectly competitive firms,marginal revenue always equals
Q135: A perfectly competitive firm has no market
Q136: If the demand curve for each firm
Q137: To maximize profits,a firm should expand production
Q138: In the short run,a firm will maximize
Q139: The production decision is a long-run supply
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