A purely competitive firm:

A. must earn a normal profit in the short run.
B. cannot earn economic profit in the long run.
C. may realize either economic profit or losses in the long run.
D. cannot earn economic profit in the short run.


Answer: B

Economics

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Recent estimates put the size of the underground economy in the United States at ________ of measured GDP

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With full information any contract will lead to production efficiency

Indicate whether the statement is true or false

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Suppose the Tooth Fairy paid 50 cents for a tooth in 1970 . The CPI in 1970 was 38.8, while the CPI in 2010 was 218.1 . What is the value of the Tooth Fairy's payment in 2010 dollars?

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