As long as its total revenues are greater than its total costs, a firm will earn positive economic profits.
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Q7: In a purely competitive industry, competition centers
Q8: If a purely competitive firm is producing
Q9: The basic difference between pure competition and
Q10: The short-run supply curve slopes upward because
Q11: In pure competition, the industry demand curve
Q13: A competitive firm will produce in the
Q14: The demand curve for a purely competitive
Q15: Competitive firms are price takers largely because
Q16: Marginal revenue is the addition to total
Q17: In the short run, a competitive firm
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