Figure 11.2.1 Refer to Figure 11.2.1, which shows a perfectly competitive...

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Figure 11.2.1

Refer to Figure 11.2.1, which shows a perfectly competitive firm's total revenue and total cost curves. Which one of the following statements is false?

The firm's economic profit is the vertical distance between the TR curve and the TC curve.

0%

The firm makes zero economic profit if it produces an output of Q1 units a day.

0%

The firm incurs an economic loss if it produces an output less than Q1 units a day.

0%

The firm incurs an economic loss if it produces an output of Q2 units a day.

0%

The firm incurs an economic loss if it produces an output greater than Q3 units a day.

100%✨

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