________ a dominant role in determining equilibrium price in the short period.
Supply plays
Demand Plays
Demand and Supply play
Profit
In the long run, a profit , maximizing , perfectly competitive firm will earn:
A normal rate of return
Positive economic profit
Negative economic profit
Accounting profit that is greater than economic profit
To maximize profit, a perfectly competitive firm should produce up to the output level where:
MR = MC
P = MR
P = MC
1and 3 are correct
