As the cost of production is less than the market price, the rm will attain a. Ob. Oc. breakeven prot loss Clear my choice The rm is in (longrun equilibrium. breakeven point. shortrun equilibrium} when there is no incentive or no opportunity to change what it is doing. Oa. Ob. Oc. longrun equilibrium breakeven point shortrun equilibrium Question 1 Answer saved Points out of 'i F Flag question Question 2 Not yet answered Points out of 'i F Flag question Question 3 The firms in the industry can attain (positive profits, economic profits, equilibrium) if the market price is Not yet answered greater than the short-run average cost. Points out of 1 Flag question O a. positive profits O b. economic profits O c. equilibrium Question 4 What will eliminate economic profits in the long-run? Not yet answered Points out of 1 Flag question O a. existing firms O b. new firms O c. lesser firmsQuestion 5 At the early stages of production the firm would be Not yet answered Points out of 1 Flag question O a. breaking-even O b. losing O c. gaining economic profitQuestion 6 Any point after the equality of marginal revenue and marginal cost, the firm will Not yet answered Points out of 1 P Flag question O a. incur losses O b. gain profit O c. break-even Question 7 So long as the cost of production is less than the market price, the firm will Not yet answered Points out of 1 Flag question O a. incur loses O b. break-even O c. gain profitWhat happens if the firm experiences a situation where the cost of production is higher than the market price? O a. . incur loses O b. break-even O C. gain profit At what output will the firm maximize profit? O a. MR=MC O b. MR> MC O c. MC AVC O b. market price