The market condition in which firms do not face incentives to enter or exit the market and firms earn a(n) profit is known as long-run equilibrium. (Remember enter only one word in the blank.)

The market condition in which firms do not face incentives to enter or exit the market and firms earn a normal profit is known as:Multiple choice question.long-run equilibrium.short-run equilibrium.a shortage.market equilibrium.

In the presence of , firms exit until the market reaches the point at which the firms are generating a profit; then exit stops and the market settles down into its -run equilibrium. (Enter one word in each blank.)

What is the short-run equilibrium condition under a perfect competitive market?

In the presence of _______ profits, firms enter until the market reaches the point at which the firms are generating a(n) ______ profit; then entry stops and the market settles into its long-run equilibrium.Multiple choice question.accounting; positiveeconomic; normaleconomic; supernormalaccounting; normal

How is long-run equilibrium under monopolistic competition similar to long-run equilibrium under perfect competition?Group of answer choicesFirms produce at the minimum point of their average cost curves.Price equals marginal cost.Firms break even.Price equals marginal revenue.