Question

what is the break - even point in production?
output where marginal cost intersects average cost, earning zero economic profits.
output where marginal revenue equals zero.
point where firms shut down due to losses.
output where total cost exceeds marginal cost.
revenue divided by fixed and variable costs.
question 2
what does entry mean in economic terms?
the process of firms entering an industry in response to profits.
the reduction of output due to industry losses.
the point where firms reach zero economic profits.
when marginal revenue equals average cost.
the condition where total cost exceeds revenue.
question 3
what is meant by exit in economics?
the process of firms shutting down due to industry losses.
when firms enter a market due to economic profits.
the point where marginal cost equals average cost.
the maximum production output for profit maximization.
the intersection of marginal cost and price.

Explanation:

• For Question 1: The break - even point occurs when a firm earns zero economic profits, which is at the output where marginal cost intersects average cost.
• For Question 2: In economics, 'entry' refers to firms entering an industry in response to the presence of profits.
• For Question 3: 'Exit' in economics is the process of firms shutting down due to industry losses.

Answer:

Question 1: Output where marginal cost intersects average cost, earning zero economic profits.
Question 2: The process of firms entering an industry in response to profits.
Question 3: The process of firms shutting down due to industry losses.