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Question 23 Not yet answered Marked out of 1.00 Flag question A perfectly competitive firm in the long run: Select one: a. Earns normal profit Makes a loss. May lose or gain economic profit. Earns positive economic profit. O b. c. O d. Question 24 left 1.33.25 Not yet answered Marked out of 1.00 Flag question If a firm sells its output on a market characterized by a single seller and many buyers of a homogeneous product for which there are no close substitutes, then the firm is a: Select one: a. Perfect Competitive. Monopolistic Competitor. O c. Oligopoly O d. Monopolist