Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If the short-run supply curve, the demand curve, and the long-run supply curve all intersect at the same point, firms will experience ________ economic profits,
If the short-run supply curve, the demand curve, and the long-run supply curve all intersect at the same point, firms will experience ________ economic profits, which means the price is ________ the minimum point on the average total cost curve.
A. negative; below
B. zero; at
C. negative; at
D. positive; above
E. zero; above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started