Which of the Following Is True Concerning Purely Competitive Industries

question 123

Multiple Choice

Which of the following is true concerning purely competitive industries?

• A) There will be economic losses in the long run because of cut-throat competition.
• B) Economic profits will persist in the long run if consumer demand is strong and stable.
• C) In the short run, firms may incur economic losses or earn economic profits, but in the long run they earn normal profits.
• D) There are economic profits in the long run but not in the short run.

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Definitions:

Employee's Work Performance

The assessment of how efficiently and effectively an employee completes their assigned tasks.

Periodic Review

Regular examination or evaluation of a process, system, or financial account.

Illegal

Refers to actions or activities that are prohibited by law and subject to penalties.

Birth Certificate

An official document issued by a government to record a person's birth, including details such as name, date, time, and place of birth.