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:

Amnesty International

An international non-governmental organization focused on human rights advocacy, known for its research and campaigning against abuses worldwide.

Human Rights

Basic rights and freedoms that are believed to belong justifiably to every person, often protected by law.

Bush Doctrine

A foreign policy principle advocated by President George W. Bush, emphasizing preemptive military action against perceived threats to US security.

Preemptive War

A war initiated with the intention of preventing another party from acquiring the capability to pose a serious threat.