An Implication of Entry and Exit in Response to the Profit

Multiple Choice

An implication of entry and exit in response to the profit incentive is that,for perfectly competitive firms,

A) no firm accepts zero economic profits in the long run.
B) firms produce the quantity that minimizes average variable costs in the short run.
C) firms produce the quantity that minimizes average total costs in the long run.
D) demand is completely inelastic.