1. In the short run, a perfectly competitive firm is producing at a price below average total cost,.

1. In the short run, a perfectly competitive firm is producing at a price below average total cost, its economic profit is a. positive. b. zero. c. negative. d. normal. 2. In Exhibit 7.13, if output is 200 units per week, economic profit for the firm is a. zero. b. at its minimum. c. at its maximum. d. none of the answers are correct. 3. In Exhibit 7.13, economic profit for the firm is at a maximum when output per week equals a. zero units. b. 100 units. c. 200 units. d. 250 units.