Refer to the diagrams. With the industry structures represented by diagram
A)(A), there will be only a normal profit in the long run, while in (B)an economic profit can persist.
B)(A), price exceeds marginal cost, resulting in allocative inefficiency.
B), price equals marginal cost, resulting in allocative efficiency.
B), equilibrium price and quantity will be e and h, respectively.

Question

Refer to the diagrams. With the industry structures represented by diagram
A)(A), there will be only a normal profit in the long run, while in (B)an economic profit can persist.
B)(A), price exceeds marginal cost, resulting in allocative inefficiency. 
B), price equals marginal cost, resulting in allocative efficiency. 
B), equilibrium price and quantity will be e and h, respectively.

Quizplus · Accepted Answer

The Answer of  Refer to the diagrams. With the industry structures represented by diagram
A)(A), there will be only a normal profit in the long run, while in (B)an economic profit can persist.
B)(A), price exceeds marginal cost, resulting in allocative inefficiency. 
B), price equals marginal cost, resulting in allocative efficiency. 
B), equilibrium price and quantity will be e and h, respectively.

Refer to the Diagrams