Which of the Following Is True Concerning Purely Competitive Industries

question 229

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:

Mental Road Map

A personal or conceptual plan or strategy that guides an individual’s decisions and actions towards achieving specific goals.

Team Problems

Issues and challenges that arise within a team setting, often requiring collaborative efforts for resolution.

Team Leadership

The practice of leading a team effectively by motivating members, coordinating efforts, and ensuring the team works towards common objectives.

Monitoring Function

The process of continuously observing and evaluating performance or progress to ensure goals are being met and to identify any need for corrective action.