In the Short Run, Perfectly Competitive Firms ________ but in the Long

question 481

Multiple Choice

In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________.

• A) can incur an economic loss; incur an economic loss
• B) can incur economic losses; make an economic profit
• C) must make an economic profit; make an economic profit
• D) can incur an economic loss; make zero economic profit

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Definitions:

Sustainable Procurement

The acquisition process whereby organizations meet their needs for goods, services, works, and utilities in a way that achieves value for money on a whole-life basis in terms of generating benefits not only to the organization but also to society and the economy, while minimizing damage to the environment.

Long-Term Impact

The lasting effects or consequences of an action or event over an extended period.

Green Purchasing

The procurement of products and services that are environmentally friendly, including considerations for energy efficiency, recyclability, and reduced pollution.

Inconsistent Service

Variation in the quality or delivery of services provided to customers, leading to unpredictable customer experiences.