The manager of a firm operating in a competitive market can ignore sunk costs when making business decisions.
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Q46: When economic profits are zero in equilibrium,
Q47: In the long run, a competitive market
Q48: In a long-run equilibrium where firms have
Q49: Because nothing can be done about sunk
Q50: In the long run, when price is
Q52: A firm operating in a perfectly competitive
Q53: In making a short-run profit-maximizing production decision,
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