In a Long-Run Equilibrium,it Is Possible That Some Firms in a Competitive

question 50

True/False

In a long-run equilibrium,it is possible that some firms in a competitive market are making a positive economic profit.

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Definitions:

Reinforcement

In psychology, the process of encouraging or establishing a belief or pattern of behavior, especially by encouragement or reward.

Behavior

Actions or reactions of an entity or organism, often in response to the environment, showcasing a broad spectrum of activity.

Stimulus

any object or event that elicits a sensory or behavioral response in an organism.

Probability

A mathematical measure of the likelihood of a particular event occurring, expressed as a number between 0 and 1.