In the Long Run, Perfectly Competitive Firms Make Zero Economic

question 231

True/False

In the long run, perfectly competitive firms make zero economic profit, that is, their owners make a normal profit.

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Definitions:

Clear Standards

Explicit, defined criteria or benchmarks that must be met or followed in various contexts such as quality, performance, or behavior.

Cultural Intelligence

The capability to relate and work effectively across cultures, involving understanding, respecting, and adapting to cultural differences.

High-context Cultures

Cultures in which communication relies heavily on the context and non-verbal cues rather than the explicit words used.

Cultural Missteps

Actions or behaviors that are inappropriate or offensive in a cultural context, often due to a lack of understanding.