Microeconomics Study Set 26
Quiz 12: Perfect Competition
Can a Perfectly Competitive Firm Make an Economic Profit in the Short
Can a perfectly competitive firm make an economic profit in the short run? Can it incur an economic loss?
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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?
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?
What is a perfectly competitive firm's short-run supply curve?
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