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3 Written questions

2 Multiple choice questions

  1. • 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. is minimum of ATC curve

2 True/False questions

  1. Long-runis minimum of AVC curve


  2. Shut-down pointis minimum of ATC curve