True or false: Explain why the following statements are true or false: (LO1, L04)
a. The economic maxim "There's no cash on the table" means that there are
never any unexploited economic oppo unities.
b. Firms in competitive environments make no accounting profit when the
market is in long-run equilibrium.
c. Firms that can introduce cost-saving innovations can make an economic
profit in the short run.