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Question
A competitive firm in the short-run may earn ______.
Options
normal profit (AR = AC)
super-normal profit (AR > AC)
incure losses (AR < AC)
all of these
MCQ
Fill in the Blanks
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Solution
A competitive firm in the short-run may earn normal profit (AR = AC), incure losses (AR < AC) and incure losses (AR < AC).
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