In the Long Run, in a Perfectly Competitive Industry

question 27

Multiple Choice

In the long run, in a perfectly competitive industry:

• A)economic profit tends to persist.
• B)the number of firms in the industry will increase.
• C)economic loss tends to persist.
• D)economic profit and loss are driven to zero by entry and exit.

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Definitions:

Ineffective Listening

A poor communication practice where the listener fails to fully receive or understand the speaker's message, leading to misunderstandings.

Uninterested

Feeling no interest, concern, or enthusiasm towards a particular topic or matter.

Interrupts

Acts of suddenly breaking the continuous progress of speech or an activity, often leading to disruption or a change in the flow of conversation.