A Firm Operating in a Perfectly Competitive Market Earns Zero

question 224

True/False

A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm's revenues cover the business owners' opportunity costs.

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Definitions:

Peripheral Devices

External devices connected to a computer system to provide input, output, or storage capabilities, such as keyboards, mice, and printers.

USB Flash Drive

A portable storage device that uses flash memory and is typically used for data storage, backup, and transfer between computers.

Blu-Ray Disc

A digital optical disc data storage format known for its high-definition video and data storage capacity.

Gamepad

A type of game controller held in two hands, where various buttons and directional controls are used to interact with video games.