In a Perfectly Competitive Market,a Given Short-Run Equilibrium Cannot Persist

question 180

Multiple Choice

In a perfectly competitive market,a given short-run equilibrium cannot persist into the long run unless the firms are earning (suffering)

• A)above-normal profits
• B)below-normal profits
• C)economic losses
• D)economic profits
• E)just enough profit to cover all the owners' opportunity costs

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Definitions:

Type

Referring to a category or class that shares common characteristics or attributes.

NAALC

The North American Agreement on Labor Cooperation, an agreement aimed at improving labor standards and working conditions in Canada, Mexico, and the United States.

Labor Principles

Fundamental guidelines or standards governing fair and ethical treatment of workers, including rights to organize, fair wages, and safe working conditions.

World Trade Organization

An international organization that regulates international trade, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.