In a Long-Run Equilibrium Where Firms Have Identical Costs, It

question 21

True/False

In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic profit.

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Definitions:

Religious Institutions

Organizations founded on religious beliefs and practices, serving as places of worship, community gathering, and dissemination of spiritual guidance.

Anti-Catholicism

Prejudice or discrimination against Catholics, often rooted in religious, cultural, or national differences.

1770s

A decade marked by the escalation of tensions between the American colonies and Great Britain, leading up to the American Revolutionary War.