Evaluate the following statements. Determine whether each is true or false and explain your answer. a. If
Question:
a. If economic profits are zero, firms will exit the industry in the long run.
b. A firm cannot maximize profits without minimizing costs.
c. If a firm is minimizing costs, it must be maximizing profits.
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a False When economic profits are zero firms are earning normal profits Total revenue is sufficient ...View the full answer
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