If firms are earning zero economic profits, they must be producing at an output level at which
A) price equals marginal cost.
B) price equals average total cost.
C) price equals average variable cost.
D) marginal revenue equals marginal cost.
E) none of the above
Correct Answer:
Verified
Q56: Consider the following data: equilibrium price =
Q57: Consider the following data: equilibrium price =
Q58: Exhibit 22-3 Q59: In the short-run, if P < ATC, Q60: In order for a firm to continue Q62: If an industry is in long-run competitive Q63: Resources are allocated efficiently when Q64: If the perfectly competitive firm is producing Q65: The short-run industry supply curve is the Q66: Assume a constant-cost industry that is initially
A)the exchange value
A)horizontal
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