In the Long Run, a Perfectly Competitive Firm Earns No

question 139

True/False

In the long run, a perfectly competitive firm earns no accounting profits.

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Definitions:

Consistent

A property of a set of statements that allows them all to be true at the same time without contradiction.

Contingency

A forthcoming incident or situation which may occur but its certainty cannot be ascertained.

Conditional Statement

A statement in logic that involves an if-then structure, asserting that if one thing is true, then another will follow.

Contradictory

Describing propositions, beliefs, or statements that are mutually opposed or inconsistent, such that if one is true, the other must be false.