24. a firm will receive abnormal profit in the short nun if (1) vmp> mfc (2) vmp< mfc (3) vmp=afc (4) vmp

24. The right answer is (1). Firm makes abnormal profit when in short run, VMP > MFC. At equilibrium MFC = MRP. When VMP > MRP, it means AR > MR or non-competitive market is exi...