​In the Long Run, If We Observe Firms in a Competitive

question 230

True/False

​In the long run, if we observe firms in a competitive market earning economic profits, we know that this market is in long-run equilibrium.

---

Definitions:

Older Worker

An employee within an organization or workplace who is typically close to or past the traditional age of retirement, often characterized by a wealth of experience.

Part-Time Work

Employment with fewer hours per week than a full-time job, often allowing for flexibility and possibly benefits, depending on the employer.

Company Social Events

Organized gatherings sponsored by a business or organization for its employees, aimed at fostering team spirit, morale, and camaraderie.

Social Security System

A government program that provides monetary assistance to people with an inadequate or no income.