In long-run equilibrium, all firms in the industry earn zero economic profit. why is this true? all firms in perfectly competitive industries earn zero economic profit in the long run because a. firms are price takers, maximizing profit by producing where total revenue equals total cost. b. if profit were positive, then firms would produce more, increasing price, and if profit were negative, then firms would produce less, decreasing price. c. firms are price takers, maximizing profit by producing where price equals marginal cost. d. if profit were positive, then firms would enter, decreasing price, and if profit were negative, then firms would exit, increasing price. e. barriers to entry and exit prevent firms from earning positive or negative economic profit.

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Responsible for setting the goals and planning for the future as well as leading and controlling the work of others. out the decisions of top management. often responsible for various departments such as the production, marketing, and accounting departments. process or function of planning organizing leading and controlling. the resources arranged in an orderly and functional way to accomplish goals and objectives. the company on track and making sure goals are met. for the daily operations of a business. examples of this are supervisors, office managers, and crew leaders. act or process of creating goals and objectives as well as the strategies to meet them. for the daily operations of a business. examples of this are supervisors, office managers, and crew leaders. how the firm is structured and who is in charge of whom. direction and vision

Health insurance protects you if you experience any of the following except: a: if you have to be hospitalized b: if you damage someone's property c: if you need to visit a clinic d: if you can't work because of illness