A firm in a purely competitive market

90Principle Question 2 - Chapter 11 Problem X + o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmhep YouTube Maps 11 Problems i Saved Help Save & Exit Check m A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 8 percent. This firm is earning $5.50 on every $50 invested by its founders. Instructions: Enter your answers as a whole number. a. What is its percentage rate of return? percent b. Is the firm earning an economic profit? (Click to select) v If so, how large? percent c. Will this industry see entry or exit? (Click to select) v d. What will be the rate of return earned by firms in this industry once the industry reaches long-run equilibrium? percent to search O np