If a purely competitive firm is earning an economic profit:
A) it is operating in the long run.
B) its price is greater than its average total cost.
C) it has found a way of raising its price by restricting its output.
D) all of the above.
Correct Answer:
Verified
Q38: Q39: Q40: In Application 13.2, "The Farmer's Almanac: It's Q41: If a purely competitive firm's demand curve Q42: If a purely competitive firm is just Q44: In which of the following market structures Q45: Individual purely competitive sellers: Q46: A pure competitor can earn: Q47: Over the long run, a purely competitive Q48: In pure competition over the long run:
A) engage in nonprice
A) excess profit
A)
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