Question

Tim Tupper's term paper-typing business is a perfectly competitive firm in long-run equilibrium. Which of the following does not describes the firm's situation?
a. Entrepreneurs outside the industry will be eager to enter.
b. It will be earning a normal profit.
c. It will be charging a price equal to average total cost.
d. It will be minimizing average total cost.
e. It will be charging a price equal to marginal cost.

Answer 1

Answer:

a.

Explanation:

According to my research on different industry business plans, I can say that based on the information provided within the question the answer that does not describes the firm's situation would be that entrepreneurs outside the industry will be eager to enter. This is because it doesn't have anything to do with the business' situation and does not make sense since entrepreneurs that are not even part of this industry would be looking to form their own businesses.

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