When a perfectly competitive firm or a monopolistically competitive firm is making zero economic profit,
a. no firms will want to enter or exit.
b. some firms will want to leave.
c. some firms will want to enter.
d. market demand shifts to the left.
e. the price of the output will rise in the long run.
Question 2
Explicit costs would include:
a. rent.
b. the interest loss of the business owner on money withdrawn from his/her saving account and invested in the business.
c. the loss of rent on a building the business owner owns and uses in his/her business.
d. the opportunity costs of the business owner's time.
e. the use of tools owned by the business owner and dedicated to the business.
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