“Firms can make certain adjustments in the long run only which is not possible in the short-run but still some adjustments are possible even in the short-run.” Explain the possible adjustments firms can make in both the short-run and long run.

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Casey DurganLv2

26 Feb 2020

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Which one of the following is correct?

a. Oligopoly firms will ALWAYS be able to make profits in both the short run and long run

b. Monopoly firms can earn profits in the short run, but cannot do so in the long run

c. A perfectly competitive firm can make profits in the short run but will make zero economic profits in the long run.

d. Firms in monopolistically competitive markets can make positive economic profits in both the long and short-run

Economics 400,000