81 The Short run requires that at least one input is

 Constant

82 The long run is a period long enough to allow firms to

 Change plant size and capacity

83  Marginal Cost = Average Cost is the necessary condition for equilibrium position of

A firm

84 Profit is maximum when the distance between Total Revenue and Total Cost is

 Maximum

85 Profit is also maximum when the slope of Total Cost and Total Revenue is

 The same

86 A normal profit is a part of

 Total cost

87 What is Economic profit?

Total revenue minus total cost

88 When a firm earns economic profit?

When total profit exceeds normal profit

89 What is the basic goal of every firm?

To maximize profit

90 When a firm decides to exit the industry?

When price is less than LAC