When talking about economic profits in a perfectly competitive market, the difference between the long run and the short run is that, in the short run, firms:
When talking about economic profits in a perfectly competitive market,
the difference between the long run and the short run is that, in the short run, firms:
can earn positive economic profits, but in the long run, firms have zero economic profits.
can earn negative economic profits, but in the long run, firms have zero economic profits.
can earn positive or negative economic profits, but in the long run, firms have negative economic profits.
earn negative economic profits, but in the long run, firms have positive economic profits.
can earn positive or negative economic profits, but in the long run, firms have zero economic profits.
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