In the Long Run, Because of the Entry and Exit

question 38

True/False

In the long run, because of the entry and exit of firms in the marketplace, a perfectly competitive firm can expect only normal profits.

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Definitions:

Declared Obsolete

The designation of a product, service, or technology as outdated or no longer in use, often replaced by newer alternatives.

Obsolete Materials

Items or materials that are no longer used or needed due to changes in technology, market demand, or product design.

Material Disposal

The process of discarding, recycling, or selling off waste materials or surplus goods in an environmentally responsible and cost-effective manner.

Equipment Disposal

The process of getting rid of outdated or no longer needed equipment in a safe, environmentally friendly, or legally compliant manner.