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T and F question 1. If the MR exceeds MC in the short run, total revenue for the perfectly competitive firm is grater than total
T and F question
1. If the MR exceeds MC in the short run, total revenue for the perfectly competitive firm is grater than total cost.
2. A perfectly competitive firm shuts down in the short run when the market price is less than the average total cost
3. In the long run, a competitive firm will earn zero economic profit
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