For an Entire Perfectly Competitive Industry, in the Long Run

question 59

True/False

For an entire perfectly competitive industry, in the long run, economic profit for the industry equals zero.

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Definitions:

Chlorophyll

A group of light-trapping green pigments found in most photosynthetic organisms.

Photosynthesis

The method through which certain green plants and other entities utilize sunlight to create nutrients from carbon dioxide and water, with oxygen being emitted as an incidental product.

Gas Exchange

The biological process through which different gases (like oxygen and carbon dioxide) are transferred in opposite directions across an organism's respiratory surfaces.

Nutrient Absorption

The process by which substances such as vitamins, minerals, and other nutrients are taken up into the body, usually within the intestines.