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If the price a firm charges in a perfectly competitive industry is less than average totalcost: A. the firm is earning negative economic profit. B.

If the price a firm charges in a perfectly competitive industry is less than average totalcost:

A.

the firm is earning negative economic profit.

B.

the firm is earning zero economic profit.

C.

the firm is earning positive economic profit.

D.

it is not possible to determine anything about profits.

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