QUESTION 11 The competitive firm earns zero or normal profit in long run because O Total revenue is greater than Total costs O Price equals to marginal revenue O Price is greater than Average cost O...

Extracted text: QUESTION 11 The competitive firm earns zero or normal profit in long run because O Total revenue is greater than Total costs O Price equals to marginal revenue O Price is greater than Average cost O Free entry and exit condition QUESTION 12 Diseconomices of scale means As output increases , long run avearge cost (LRAC) increases O if we duble inputs, output will increase by double O As output increases , long run avearge cost (LRAC) will not change O As output increases , long run avearge cost (LRAC) decreases OUESTI ON 13 Click Save and Submit to save and submit. Click Save All Answers to save all answers.