Zero economic profit arises in the long run in the case of
A) perfect competition
B) monopoly
C) monopolistic competition
D) oligopoly
Correct Answer:
Verified
Q1: The importance of time element in price
Q2: In the market period, price determination in
Q3: In the short-period,
A)all factors are fixed
B)some factors
Q4: In the long-period,
A)all factors are fixed
B)some factors
Q6: Zero economic profit includes
A)zero normal profit
B)normal profit
C)super
Q7: Economic efficiency is achieved in the long
Q8: Consumer surplus will be maximum in the
Q9: At the optimum short-run level of output,
Q10: The short-run supply curve of a perfectly
Q11: When the perfectly competitive firm and industry
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