yes its true, each of the firms operating in this industry in the long run earns positive accounting profit.
reason- Economic profit are zero. But accounting profits are positive.
steps o calculate economic profit:
step 1: Discover the company's overall revenue first. Multiply the quantity of units sold at a particular period.
Step 2: Next, determine the business's explicit costs. These are the expenses that any company has to cover in order to...
step 3: Find out the opportunity cost that the company has forfeited by choosing the current business venture in step three.
Step 4: In order to calculate the total cost of the company, utilise the information from "Steps 2" and "Step 3."
Learn more about Economic profit here
https://brainly.com/question/15036999
#SPJ4
