Suppose competitive firms have identical costs of production. In the long run when firms are neither entering nor exiting a competitive market, total revenue equals total cost such that a firm is making zero economic profits

true

false

Firms that produce agricultural products are less likely to be in competitive markets than firms that produce cars.

True

False

Competitive markets are characterized by a large number of buyers and sellers and free (easy) entry and exit by firms.

True

False

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