In a Long-Run Competitive Equilibrium,both More Efficient and Less Efficient

question 32

True/False

In a long-run competitive equilibrium,both more efficient and less efficient firms earn zero economic profit.

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Definitions:

Peer Pressure

The impact a peer group has, prompting individuals to modify their attitudes, values, or behaviors in order to align with the norms of the group.

Home Environments

Home environments refer to the physical and emotional characteristics of one's living space, which can influence an individual's health, behavior, and overall well-being.

Underestimate

To judge something to be smaller, less important, or less likely than it actually is.

Overestimate

To assess something as more significant or larger than it actually is based on mistaken or exaggerated beliefs.