In a purely competitive industry,
A) there will be no economic profits in either the short run or the long run.
B) economic profits may persist in the long run if consumer demand is strong and stable.
C) there may be economic profits in the short run but not in the long run.
D) there may be economic profits in the long run but not in the short run.
Correct Answer:
Verified
Q39: Consumer surplus is the difference between the
Q40: Competitive markets produce equilibrium prices and quantities
Q41: Creative destruction is something that our society
Q42: The costs of competition's creative destruction are
Q43: The primary force encouraging the entry of
Q45: Augi's Art Shack sells art supplies in
Q46: Balin's Burger Barn operates in a perfectly
Q47: Assume a purely competitive decreasing-cost industry is
Q48: Which of the following distinguishes the short
Q49: Purely competitive industry X has decreasing costs
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents