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In a study seminar, the following comments were made:
Comment 1: “In the short run, an increase in demand in a perfectly competitive industry will result in negative economic profit for some firms in the industry.”
Comment 2: “In the long run, a permanent increase in demand in a perfectly competitive industry will result in zero economic profit for the firms in the industry.”
With respect to these comments: A. both are correct. B. only one is correct. C. both are incorrect. |