In the long run, the level of economic profit in a perfectly competitive industry
A) will be equal to the level of accounting profit.
B) will depend on the portion of costs that are fixed costs.
C) will depend on the portion of costs that are variable costs.
D) will be zero.
Correct Answer:
Verified
Q19: The perfect competitor
A) produces what he thinks
Q20: In the short-run, the perfectly competitive
Q21: A company finds that at the MR
Q22: A perfectly competitive firm finds that its
Q23: A perfectly competitive firm finds that its
Q25: In the short run in perfect competition,
Q26: A perfectly competitive firm earning zero economic
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