Question

In a perfectly competitive market, in the long run, firm profit is positive undetermined decreasing

Answer 1

Answer

1. Positive

Remember the firm will earn zero economic proift, but that doesn't mean it won't earn accounting profit in the long run. A firm will only continue if it's earning some profits.

2. Government collects tax revenue

The tax revenue is not necessarily a loss to the economy , as it is a part of the total surplus , but the loss occurs due to the dead weight loss associated in taxing the import of good snad services.

3. True

Yes , it is the maximum level of total surplus.

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