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.
Recently Asked Questions
- Please refer to the attachment to answer this question. This question was created from chapter 7.
- Can you please explain in laymans terms the following models: Information flow model Noninterference model Take-Grant model Access control matrix
- The following data were taken from the financial statements of Gates Inc for the current fiscal year. Assuming that long-term investments totaled $3,000,000