In the presence of _______ profits, firms enter until the market reaches the point at which the firms are generating a(n) ______ profit; then entry stops and the market settles into its long-run equilibrium.Multiple choice question.accounting; positiveeconomic; normaleconomic; supernormalaccounting; normal

Multiple Choice QuestionIn long-run equilibrium, monopolistically competitive firms will show a(n) Blank______.Multiple choice question.above-normal profitnormal profitincreasing lossbelow-normal profit

In the presence of profits, firms enter a perfectly competitive market until the market reaches the point at which the firms are generating a profit; then entry stops and the market settles into its -run equilibrium. (Make sure to put only one word in each blank.)

In the long run,:Multiple choice question.total cost exceeds total revenue.total revenue exceeds total cost.firms earn a normal profit.firms have incentive to enter the market.

The market condition in which firms do not face incentives to enter or exit the market and firms earn a normal profit is known as:Multiple choice question.long-run equilibrium.short-run equilibrium.a shortage.market equilibrium.

The market condition in which firms do not face incentives to enter or exit the market and firms earn a(n) profit is known as long-run equilibrium. (Remember enter only one word in the blank.)