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 connotation of the italicized word <em>agility </em>is a positive connotation. (Option C)
<h3>What does the word "Connotation" mean?</h3>
Connotation is an emotion or notion indicated by a word in addition to its essential meaning, or by an item or situation: "Resolute" implies obstinate, but with a more positive connotation.
Connotation is the emotion associated with a word or phrase. Connotation can evoke negative, pleasant, or neutral emotions and sentiments.
A negative connotation is a negative sensation or emotion associated with a term. A positive connotation is a favorable sensation or emotion associated with a term.
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