what is the profit maximization point for a firm in s purely competitive environment? a. the output where P=MC b. the output where P mc

what is the profit maximization point for a firm in s purely competitive environment?

a. the output where P=MC

b. the output where P

c. the output where p>mc

d. the output where MR=MC

e the output where AVC < P

All the following are true for both competition and monopolistic competition in the long run, except one of them. Which one is it?

a. p=mc

b. p=ac

c. economic profits become zero in the long run

d. the barriers to entry and exit are relatively easy

e. none of the above is an exception