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wrote...
Posts: 139
2 months ago
If a perfectly competitive firm has economic profits greater than zero, then we know that

• the firm's industry is not in long-run equilibrium.

• the firm's industry is in long-run equilibrium.

• the firm will reduce output.

• the firm is producing at the bottom of the average total cost curve.
Source  Download
Economics Today: The Micro View
Edition: 19th
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wrote...
Posts: 163
2 months ago
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the firm's industry is not in long-run equilibrium.
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