In Long-Run Equilibrium, a Firm in Perfect Competition Has No

question 136

True/False

In long-run equilibrium, a firm in perfect competition has no economic profit.

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Definitions:

Break-even Point

The point at which total costs and total revenue are equal, resulting in no net loss or gain.

Fixed Selling Costs

Ongoing expenses directly associated with the sales process that do not vary with the volume of sales, such as salaries, rent, and utility bills.

Annual Sales

The total revenue generated from goods or services sold by a company in a single fiscal year.

Strict Route Designs

Planned and fixed paths or schedules designated for logistics, sales, or service visits to ensure efficiency and coverage.