Consider the purely competitive firm pictured above. The firm is earning Normal

Question

Consider the purely competitive firm pictured above. The firm is earning Normal profits, since its price is above AVC Economic profits, since its price is above AVC Normal profits, since its price just covers ATC Losses, since it is operating at the shutdown point Consider the purely competitive firm pictured above. At its short-run equilibrium point, the firm is earning: Zero normal profits Zero economic profits Zero accounting profits We can say nothing about this firm's profit or loss situations

Explanation / Answer

7. A

8.B

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