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If price is above average total cost at the output where marginal revenue equals marginal cost, a ...

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If price is above average total cost at the output where marginal revenue equals marginal cost, a ...

Question 1.

A firm must earn an economic profit in order to receive a normal rate of return.

▸ true

▸ false

Question 2.

If price is above average total cost at the output where marginal revenue equals marginal cost, a firm will earn positive economic profits.

▸ true

▸ false

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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Curtis x.

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More solutions for this book are available here

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zmudasam Author

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Correct

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Smart ... Thanks!

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