The Figure Below Shows the Supply and the Demand for a Good

question 82

Multiple Choice

The figure below shows the supply and the demand for a good (left) and the cost curves of an individual firm in this market (right) . Assume that all firms in this market, including the potential entrants, have identical cost curves. Initially, the market is in equilibrium at point A.

-Refer to the figure above.As firms enter or exit,the market will tend toward the long-run equilibrium,where each firm earns ________ at the price ________.

• A) positive economic profit; $3
• B) negative economic profit; $2
• C) zero economic profit; $2
• D) zero accounting profit; $0

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