Categories Economics In perfect competition and in case of short run equilibrium, firm earns excess profit if average total cost is _____________ the price at equilibrium. Post author By thelooknow Post date March 22, 2022 A. above B. below C. equal D. None of the above CORRECT ANSWER IS: below ← In perfect competition and in case of short run equilibrium level of profit depends on the level of ______________. → In perfect competition and in case of short run equilibrium, firm earns normal profit if average total cost is _____________ the price at equilibrium