Statement I: in the Long Run the Perfect Competitor Sells

question 307

Multiple Choice

Statement I: In the long run the perfect competitor sells at cost.
Statement II: In the long run some perfect competitors make an economic profit.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Ethical Egoists

Individuals who believe that moral actions are those that maximize one's own self-interest and well-being.

World Hunger

A global condition characterized by chronic undernourishment and inadequate food consumption by a significant portion of the world's population, leading to health issues and increased mortality rates.

Self-Interest

The consideration of one's own advantage or well-being as the prime motive behind actions or decisions.

Ethical Egoism

A moral philosophy suggesting that individuals should act in ways that promote their own best interest.