In the Long Run in Perfect Competition, No Firm Can

question 117

True/False

In the long run in perfect competition, no firm can earn a normal profit.

---

Definitions:

Social Security

A government program that provides financial assistance to individuals during retirement, disability, or upon the occurrence of other social risks.

Italian Sports Car

High-performance automobiles produced in Italy known for their luxurious design, speed, and precision engineering.

Domestically Produced Tools

Tools and equipment that are manufactured within a country's borders, typically used to refer to products made using domestic labor and resources.

Inflation Rate

The proportional rate that reflects how prices for goods and services are escalating, causing the purchasing capability to decline.