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Question

One could argue correctly that:all firms in any industry can earn short-run but not necessarily long-run

positive economic profit.

all firms in any industry can earn long-run but not necessarily short-run positive economic profit.

all firms in any industry can earn both short-run and long-run positive economic profit.

no firm in any industry can earn long-run positive economic profit because all price changes made by any firm will be followed by all of the other firms.

all firms in any industry can earn short-run positive profit if economies of scale exist.

 
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