a. $2 and 200 bushelsb. $2 and 200,000 bushelsc. $2,000 and 200,000 bushelsd. $2,000 and

a. $2 and 200 bushelsb. $2 and 200,000 bushelsc. $2,000 and 200,000 bushelsd. $2,000 and 1,000 bushels2) A perfectly competitive firm earns an economic profit in the short run if price is ________.a. equal to marginal costb. equal to average costc. greater than average total costd. greater than marginal cost3) In part, perfect competition arises if ________.a. each firm’s minimum efficient scale is large relative to demandb. each firm produces a good or service identical to those produced by its competitorsc. there are significant barriers to entryd. there are more firms than barriers to entry4) Under which circumstances will a profit-maximizing perfectly competitive firm shut down in the short run?a. when it is earning a normal profitb. whenever its marginal cost is less than its marginal revenuec. when the price is less than its minimum average variable costd. whenever its total cost is greater than its total revenue5) When the long-run average cost curve is downward-sloping, ________.a. economies of scale are presentb. diseconomies of scale are presentc. the firm experiences constant returns to scaled. the average fixed-cost curve must be upward-sloping
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