Question: Evaluate the following statements. Determine whether each is true or false and explain your answer. a. If economic profits are zero, firms will exit the

Evaluate the following statements. Determine whether each is true or false and explain your answer.
a. If economic profits are zero, firms will exit the industry in the long run.
b. A firm cannot maximize profits without minimizing costs.
c. If a firm is minimizing costs, it must be maximizing profits.

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a False When economic profits are zero firms are earning normal profits Total revenue is sufficient ... View full answer

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