In a Purely Competitive Industry

question 175

Multiple Choice

In a purely competitive industry,

• A) there will be no economic profits in either the short run or the long run.
• B) economic profits may persist in the long run if consumer demand is strong and stable.
• C) there may be economic profits in the short run but not in the long run.
• D) there may be economic profits in the long run but not in the short run.

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Definitions:

Brain Function

The activities and processes performed by the brain that enable thought, perception, emotion, and coordination.

Cardiac Arrest

A sudden, unexpected loss of heart function, breathing, and consciousness, often caused by an electrical disturbance in the heart.

Multiple Gunshot

Involving more than one gunshot wound or bullet injury.

Hospital Procedures

Standardized methods or operations carried out in hospitals to diagnose, treat, or care for patients.