In a Purely Competitive Industry

question 237

Multiple Choice

In a purely competitive industry,

• A)there will be no economic profits in either the short run or the long run.
• B)economic profits may persist in the long run if consumer demand is strong and stable.
• C)there may be economic profits in the short run but not in the long run.
• D)there may be economic profits in the long run but not in the short run.

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Definitions:

Red Rash

A common skin symptom characterized by an area of redness, often indicating infection, inflammation, or an allergic reaction.

Lyme Disease

A tick-borne illness caused by the bacterium Borrelia burgdorferi, characterized by symptoms such as fever, headache, fatigue, and a skin rash known as erythema migrans.

Parasitic Insect

An insect that lives off another organism (host), often causing harm or discomfort, such as lice or bedbugs.

Microbiologic Specimen Smear

A laboratory technique involving the spreading of a sample onto a slide for microscopic examination to detect and identify microorganisms.