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Business Studies

Multiple Objectives of Business

In perfect co...

Question

In perfect competition, in the long run there will be no __________.

A

normal profits

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B

supernormal profits

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C

production

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D

costs

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Solution

The correct option is B supernormal profits
In perfect competition the firms earn normal profits in long run, and not the supernormal profits as the free entry and exit of firms is a feature of the perfectly competitive market.

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