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Microeconomics Study Set 26
Quiz 12: Perfect Competition
Can a Perfectly Competitive Firm Make an Economic Profit in the Short
Question 427
Essay
Can a perfectly competitive firm make an economic profit in the short run? Can it incur an economic loss?
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Q 428
If the market price is less than a perfectly competitive firm's average total cost, what sort of profit or loss is the firm making?
Q 429
What is the relationship between the price, P, and the average total cost, ATC, for a firm in perfect competition that earns an economic profit? That earns a normal profit? That incurs an economic loss?
Q 430
What is a perfectly competitive firm's short-run supply curve?
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