1.

Firms will stay in business if they are earning zero economic profit (normal profit) because (check all that apply)

A) accounting profit if positive

B)they aren't making any money, but they aren't losing any either

C)they are covering both their implicit and explicit costs

D)they are equally well off as they would be at their next best alternative.

E)they are willing to lose money in the short run to gain some market share.

What are some of the ways that consumers benefit from increased competition in a market? check all that apply.

A) lower prices

B)more innovation

C)better customer service

D)lower costs

E)more variety

F)better quality

G)more availability