Which of the following is true concerning purely competitive industries?

a. there will be economic losses in the long run because of
cut-throat competition.
b. economic profits will persist in the long run if consumer
demand is strong and stable.
c. in the short run, firms may incur economic losses or
earn economic profits, but in the long run they earn normal
profits.
d. there are economic profits in the long run, but not in the
short run.

Lucido products markets two computer games: claimjumper and makeover. a contribution format income statement for a recent month for the two games appears below: claimjumper makeover total sales $ 30,000 $ 70,000 $ 100,000 variable expenses 20,000 50,000 70,000 contribution margin $ 10,000 $ 20,000 30,000 fixed expenses 24,000 net operating income $ 6,000 required: 1. compute the overall contribution margin (cm) ratio for the company.. 2. compute the overall break-even point for the company in dollar sales. 3. complete the contribution format income statement at break-even point for the company showing the appropriate levels of sales for the two products. (do not round intermediate calculations.)