In the Long Run, a Perfectly Competitive Firm Can

question 33

Multiple Choice

In the long run, a perfectly competitive firm can

• A) only make an economic profit.
• B) only make zero economic profit.
• C) only incur an economic loss.
• D) make an economic profit, make zero economic profit, or incur an economic loss.

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Definitions:

Plow

A farming tool used for cutting, lifting, and turning over soil, mainly in preparation for planting.

Microlith

Small, finely crafted stone tools, typically part of composite tools, used by prehistoric peoples.

Secondary Innovation

New improvements or adaptations made to existing technologies or ideas, enhancing their functionality or applying them in new contexts.

Primary Innovation

The creation, invention, or chance discovery of a completely new idea, method, or device.