1. When a firm is in equilibrium , it is maximizing its profits, and can't make bigger profits by altering the price and output level for its product or service. How do we call this state?
2. The minimum return required to keep an entrepreneur in a particular line of production is called?
3. Since there is freedom of entry into the industry the surplus profits will attract new firms into the industry. what happens to both the supply quantity and the selling price?