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Q: 1 Should a company ever produce an output if the managers know it will lose money over the period? Explain. Q: 2 What are

Q: 1

Should a company ever produce an output if the managers know it will lose money over the period? Explain.

Q: 2

What are economic profits? Does a firm in a competitive industry earn long-run economic profits? Explain.

Q: 3

The Johnson Oil Company has just hired the best manager in the industry. Should the owners of the company anticipate economic profits? Explain.

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