The zero economic profit in the long-run equilibrium.

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Answer 1

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Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

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In the long run, perfectly competitive firms make zero economic profit. If this is the case, why does the firm even bother producing? Why not exit the market completely?

In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?

In a long-run equilibrium in a perfectly competitive market, firms earn positive economic profits. Is this true?

Answer 2

Question

Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

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Answer 3

Question

Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

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Answer 4

Question

Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

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Answer 5

Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

Answer 6

Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

Answer 7

Chapter 8, Problem 3RQ

To determine

The zero economic profit in the long-run equilibrium.

Answer 8

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Answer 11

Ch. 8 - Prob. 1RQ Ch. 8 - Prob. 2RQ Ch. 8 - Prob. 3RQ Ch. 8 - Prob. 4RQ Ch. 8 - Prob. 5RQ Ch. 8 - Prob. 6RQ Ch. 8 - Prob. 7RQ Ch. 8 - Prob. 8RQ Ch. 8 - Prob. 9RQ Ch. 8 - Prob. 10RQ

The zero economic profit in the long-run equilibrium.

Solution Summary: The author explains that the free entry and exit of firms into an industry are important assumptions of a perfectly competitive market situation. The accounting profit of some firms is greater than others if they own an advantage on some input costs.

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The zero economic profit in the long-run equilibrium.

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Chapter 8 Solutions