Which of the Following Is True About the Long Run

question 62

Multiple Choice

Which of the following is true about the long run operations of perfectly competitive firms?

• A)They produce with productive efficiency.
• B)They produce with allocative efficiency.
• C)They earn zero economic profits.
• D)They earn a fair rate of return.
• E)all of the above

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Definitions:

High Quality

Denotes products, services, or outputs that meet or exceed certain standards of excellence or expectations.

Expensive Engagement Ring

A high-cost ring traditionally offered in a marriage proposal, often seen as a symbol of commitment and love.

Screening Mechanism

A technique or process used to differentiate and select among a group of choices based on certain criteria.

Well Mannered

Exhibiting good manners; polite, courteous, and respectful in social and formal settings.