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:

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I-Thou Relationship

A relationship concept emphasizing direct, mutual presence and respect between two beings, as formulated by philosopher Martin Buber.

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Professionals focused on helping individuals confront the inherent challenges of human existence and find personal meaning.

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