Cody and abgail just purchased a piece of land and a tractor. they plan to start growing and selling organic peas. they have heard that the market for organic peas is perfectly competitive. what does that mean in terms of long‑run profit?
a. firms will earn zero accounting profit in the long run.
b. firms will earn negative economic profits in the long run.
c. firms will earn positive economic profits in the long run.
d. cody and abgail want to know the quantity they should produce to maximize profit.
e. as their economic advisor, you recommend that they produce until marginal cost is equal to marginal revenue.
f. produce until marginal revenue is equal to price. produce as much as possible, regardless of cost.
g. produce until price falls below the average variable cost.