In long-run competitive equilibrium, a firm that owns factors of production will have an A. economic profit > $0 and accounting profit = $0. B. economic profit = $0 and accounting profit > $0. C. economic and accounting profit can take any value. O D. economic and accounting profit > $0. O E. economic and accounting profit = $0.

In long-run competitive equilibrium, a firm that owns factors of production will have an A. economic profit > $0 and accounting profit = $0. B. economic profit = $0 and accounting profit > $0. C. economic and accounting profit can take any value. O D. economic and accounting profit > $0. O E. economic and accounting profit = $0.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 1MC

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