If price is equal to average cost, in the short-run, the competitive firm can earn
A) only normal profit
B) super normal profit
C) loss
D) all of the above
Correct Answer:
Verified
Q15: Total profit is maximum when
A)total revenue is
Q16: Total profits are maximized where
A)tr equals tc
B)tr
Q17: The equality between MC and MR is
A)a
Q18: The condition of equilibrium of the industry
Q19: In the short-run, a competitive firm can
Q21: If price is greater than average cost,
Q22: If price is less than average cost,
Q23: Break-even point is a point where price
Q24: Shut-down point is a point where price
Q25: In the long run, a competitive firm
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