Normal returns means zero economic profit. Normal returns are "normal" in that this is the long-run performance equilibrium of the vast majority of businesses. Individual firms operating in perfectly competitive industries are known as price takers. As such, these firms face which of the following?Normal returns means zero economic profit. Normal returns are "normal" in that this is the long-run performance equilibrium of the vast majority of businesses. Individual firms operating in perfectly competitive industries are known as price takers. As such, these firms face which of the following?

Normal returns means zero economic profit. Normal returns are "normal" in that this is the long-run performance equilibrium of the vast majority of businesses. Individual firms operating in perfectly competitive industries are known as price takers. As such, these firms face which of the following?Normal returns means zero economic profit. Normal returns are "normal" in that this is the long-run performance equilibrium of the vast majority of businesses. Individual firms operating in perfectly competitive industries are known as price takers. As such, these firms face which of the following?

Normal returns means zero economic profit. Normal returns are "normal" in that this is the long-run performance equilibrium of the vast majority of businesses. Individual firms operating in perfectly competitive industries are known as price takers. As such, these firms face which of the following?




a) Unit elastic demand functions
b) Inelastic demand functions
c) Perfectly elastic demand functions
d) Demand functions that are downward sloping to the right.



ANS C


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