I'm stuck on these questions.

In the long run, firms in a competitive market

• shut down because profit goes to zero.

• lose money.

• are not profit maximizing.

• earn zero economic profit.

Producer surplus

• is the minimum amount a firm must receive to engage in trade.

• is a measure of what a firm gains from trade.

• represents the opportunity cost of the firm.

• determines whether or not a firm will produce in the long run

Deadweight loss occurs when

• consumer surplus is greater than producer surplus.

• surplus losses to one group due to intervention are not offset by surplus gains to another.

• consumer surplus is reduced.

• consumer surplus is negative.