In a Perfectly Competitive Market, the Process of Entry and Exit

question 430

Multiple Choice

In a perfectly competitive market, the process of entry and exit will end when i) accounting profits are zero.
Ii) economic profits are zero.
Iii) price equals minimum marginal cost.
Iv) price equals minimum average total cost.

• A) i) and ii) only
• B) ii) and iii) only
• C) ii) and iv) only
• D) i), ii), iii), and iv)

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