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:

Deoxyribose

A sugar component of DNA molecules, distinguished from ribose by the absence of an oxygen atom on the second carbon.

DNA World

The concept of a "DNA world" refers to the central role of DNA in the biological world as the primary molecule for storing and transmitting genetic information in all living organisms.

Primitive Reducing Atmosphere

The early Earth's atmosphere, thought to be rich in hydrogen and its compounds, facilitating the formation of organic molecules.

Large Organic Molecules

Complex molecules that contain carbon and are found in living organisms, including proteins, nucleic acids, carbohydrates, and lipids.