In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A)explicit costs plus its implicit costs.
B)fixed costs.
C)implicit costs.
D)explicit costs.

Question

Quizplus · Accepted Answer

In the long run, a firm in a perfectly competitive industry will continue to operate only if its total revenue covers both explicit and implicit costs, ensuring it earns a normal profit.

In the Long Run, a Firm in a Perfectly Competitive