One Difference Between the Long Run and the Short Run

question 158

Multiple Choice

One difference between the long run and the short run in a perfectly competitive industry is that:

• A)economic profit in the long run is always greater than it is in the short run.
• B)economic profit in the short run is always greater than it is in the long run.
• C)firms necessarily earn zero economic profit in the long run but may earn positive or negative economic profit in the short run.
• D)firms necessarily earn positive economic profit in the long run but may earn positive or negative economic profit in the short run.

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Definitions:

Linear Inequalities

Mathematical statements involving linear expressions that utilize inequality symbols to compare the expressions.

Linear Inequalities

Mathematical statements involving linear expressions that use inequality signs to relate the expressions.

Graph

A visual representation of data, functions, or equations on a coordinate plane, illustrating relationships between variables.

Linear Inequalities

Mathematical expressions that represent a range of values along a line where one side of the inequality has a variable term.