Question

Yesterday a pertedy competeve producer of construction triks ma faetund nd sold 10 000 r cks per dy sa mare, pric" th" was İnt egi ain,the mi i -n i "ep. u. cost d pro u ing each tick t day-1 h.GmS costs are the same but the market price of bricks has decined Assuming that this fem has postive xed costs the me resterday

Answer 1

When the market price in a perfectly competitive market is equal to the minimum average total cost then, in that case, perfectly competitive market is in long run equilibrium.

In long-run, firms in the perfectly competitive market earns zero economic profit.

So,

Assuming that this firm has positive fixed costs, the firm earned zero economic profit yesterday.