16. A purely competitive firm is precluded from making economic profits in the long run because: a. it is a “price taker.” b. its demand curve is perfectly elastic. c. of unimpeded entry to the industry. d. it produces a differentiated product

16. A purely competitive firm is precluded from making economic profits in the long run because:
a. it is a “price taker.”
b. its demand curve is perfectly elastic.
c. of unimpeded entry to the industry.
d. it produces a differentiated product

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