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Suppose competitive firms have identical costs of production. In the long run when firms are neither entering nor exiting a competitive market, total revenue equals
Suppose competitive firms have identical costs of production. In the long run when firms are neither entering nor exiting a competitive market, total revenue equals total cost such that a firm is making zero economic profits
true
false
Firms that produce agricultural products are less likely to be in competitive markets than firms that produce cars.
True
False
Competitive markets are characterized by a large number of buyers and sellers and free (easy) entry and exit by firms.
True
False
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