In a competitive industry some firms earn positive economic profits while some earn zero economic profit in the long run because:
A) there exists free entry and exit of firms.
B) the firms have different cost structures.
C) the firms sell their output at different prices.
D) the industry supply curve is perfectly elastic.
Question 2
A ski resort is clearly selling short when it
A) charges lower prices for weekday lift tickets compared to weekend lift tickets.
B) offers children and senior citizens discounts on lift tickets.
C) charges a two-for-one special on Monday nights only.
D) offers a discounted season ticket that must be purchased before the ski season opens.
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