Which of the Following Is True Concerning Purely Competitive Industries

question 123

Multiple Choice

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.

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Definitions:

Pre-embryonic Period

The earliest phase of prenatal development, encompassing the first week after fertilization when the zygote forms.

Embryonic Period

A critical phase in early development post-fertilization where the embryo undergoes rapid growth and differentiation.

Gestational Period

The duration of pregnancy, typically measured from the first day of the last menstrual period to birth, approximately 40 weeks in humans.

Spermatic Cord

A bundle of fibers and tissues that run through the abdomen to the testes, containing blood vessels, nerves, and the vas deferens.