Question: 1. True or False: Explain why the following statements are true or false: a. The economic maxim Theres no cash on the table means that

1. True or False: Explain why the following statements are true or false:

a. The economic maxim “There’s no cash on the table” means that there are never any unexploited economic opportunities. LO5

b. Firms in competitive environments make no accounting profit when the market is in long-run equilibrium. LO1, LO2

c. Firms that can introduce cost-saving innovations can make an economic profit in the short run. LO2

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