In perfectly competitive markets, firms in the market in the long-run, will earn zero economic profits.
<h3>What economic profits are earned in a perfectly competitive market?</h3>
In the short-run, there is a chance to earn a positive economic profit in a perfectly competitive market but this would then attract other companies into the market to make profits as well.
This then leads to the profits disappearing thanks to increased supply and lower prices. Companies would then leave and enter to either take advantage of profits or stop losses thereby keeping economic profits at zero in the long run.
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The correct answer to this open question is the following.
Although you did not attach options for this question, we can say the following.
The original (first) covenant God made with Abraham was the promise of God to bless the descendants of Abraham. God blessed Abraham and told him that he was going to be the "father" or leader of many tribes. In Genesis, the first book of the Old Testament, God told Abraham to travel to the promised land of Cannan, but he had to make sure that his people would be faithful and loyal to God.
In comparison, the Second Covenant is the one that is referred to in the New Testament, when God, who loves his creatures, sent his own son Jesus to help humans. God promises humans that he will forgive all their sins if they followed Jesus' teachings.
The purpose of the Missouri Compromise was to keep a balance between the number of slave states and the number of free states in the Union. It allowed Missouri to enter as a slave state at the same time Maine entered as a free state, thus maintaining a balance in numbers of free and slave states.
