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In a purely competitive industry: there will be no economic profits in either the short run or the long run.

In a purely competitive industry:
there will be no economic profits in either the short run or the long run.
economic profits may persist in the long run if consumer demand is strong and stable.
there may be economic profits in the short run, but not in the long run.
there may be economic profits in the long run, but not in the short run.

This question was asked on Mar 17, 2010.

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