If the Representative Firm in a Purely Competitive Industry Is

question 140

Multiple Choice

If the representative firm in a purely competitive industry is in short-run equilibrium and, at its current output level, its marginal cost exceeds its average total cost, then we can conclude that

• A)the firm is suffering economic losses.
• B)the firm is not maximizing profits in the short run.
• C)some firms will exit the industry in the long run.
• D)other firms will enter the industry in the long run.

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