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Suppose a competitive profit-maximizing firm operates at a

1. If a firm makes an economic loss, it will shut down?

2. Suppose a competitive, profit-maximizing firm operates at a point where its short-run average cost curve is upward sloping. This implies the firm earn economic profits.

3. Consider two perfectly competitive industries-Industry 1 and Industry 2. Each faces identical demand and cost conditions except that the minimum efficient scale output in Industry 1 is twice that of Industry 2. In a long-run perfectly competitive equilibrium, industry 1 will have more firms.

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Business Management: Suppose a competitive profit-maximizing firm operates at a

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