In Long-Run Competitive Equilibrium, a Firm That Owns Factors of Production

question 164

Multiple Choice

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 = $0.
• D) economic and accounting profit > $0.
• E) economic and accounting profit can take any value.