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1) Indicate whether each of the following statements is true or false, and explain why.
A. In long-run equilibrium, every firm in a perfectly competitive industry earns zero profit.
B. Perfect competition exists in a market when all firms are price takers as opposed to price makers.
C. In competitive markets, P > MC at the profit-maximizing output level.
D. Downward-sloping industry demand curves characterize perfectly competitive markets.
E. A firm might show accounting profits in a competitive market but be suffering economic losses.
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