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

24. A firm will receive abnormal profit in the short nun if (1) VMP> MFC (2) VMP< MFC (3) VMP=AFC (4) VMP

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  Nidhi taparia

  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 existing.

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