Which of the following is true?
A) Price takers will not be able to earn economic profits in the long run, but competitive price searchers will be able to do so.
B) Competitive price searchers will not be able to earn economic profits in the long run, but price takers will be able to do so.
C) Neither competitive price searchers nor price takers will be able to earn economic profits in the long run.
D) Both competitive price takers and price searchers will be able to earn economic profits in the long run.
Correct Answer:
Verified
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A)
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Q221: Sellers in competitive price-searcher markets
A) face competition
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