One Difference Between the Long Run and the Short Run

question 48

Multiple Choice

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

• A)economic profits in the long run are always greater than they are in the short run.
• B)economic profits in the short run are always greater than they are 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:

Developmentalists

Researchers and professionals who study the physical, cognitive, and social development of humans throughout the lifespan.

Rough And Tumble

A form of play that involves physical activities like running, tumbling, and play fighting, important for social and physical development.

Gender

Socially constructed roles, behaviors, activities, and attributes considered appropriate for men, women, and non-binary individuals in any given society.

Competition

A situation in which individuals or groups vie for superiority in a specific area.