The representative firm in a purely competitive industry
a. Will always earn an economic profit in the long run
b. Will earn an economic profit of zero in the long run
c. Will always earn a profit in the short run
d. May earn either an economic profit or a loss in the long run.

Question

The representative firm in a purely competitive industry
a. Will always earn an economic profit in the long run
b. Will earn an economic profit of zero in the long run
c. Will always earn a profit in the short run
d. May earn either an economic profit or a loss in the long run.

The representative firm in a purely competitive industry

a. Will always earn an economic profit in the long run

b. Will earn an economic profit of zero in the long run

c. Will always earn a profit in the short run

d. May earn either an economic profit or a loss in the long run.

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The representative firm in a purely competitive industry a. Will always earn an economic profit in the long run b. Will earn an economic profit of zero in the long run c. Will always earn a profit in the short run d. May earn either an economic profit or a loss in the long run.