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3 Written questions

2 Multiple choice questions

  1. • In the long-run, firms can enter/exit the market if operating at a loss or profit
    o Know how these supply shifts affect the individual firm
  2. • In the long-run, if there's a profit to be made, firms will enter the market
    • In the long-run, if firms are operating at a loss, they'll shut down
    • Therefore, at the long-run competitive equilibrium, all firms will be earning zero economic profits

2 True/False questions

  1. Meaning of Perfectly Comp Markets1. Many buyers and many firms, all of which are small relative to the overall market
    2. Products sold are identical
    3. No barriers to new firms entering (or on firms exiting)

          

  2. Break-even pointis minimum of ATC curve

          

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