Is It True That in the Long Run It Is

question 23

Essay

Is it true that in the long run it is impossible for firms functioning in a perfectly competitive market to earn positive economic profits? Explain your answer.

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Definitions:

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations, including all of the great powers, eventually forming two opposing military alliances: the Allies and the Axis.

Fundamental Alteration

A significant change that fundamentally modifies the nature of something, often used in legal and policy contexts to describe changes that affect the essence of a policy, practice, or procedure.

Mass Immigration

The large-scale movement of people from one country to reside in another country, often causing significant demographic and social impacts.

Integrate

The process of combining or coordinating separate elements into a unified whole, commonly used in the context of social, cultural, or system inclusion.