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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Culture trait : A culture trait is the learned system of beliefs, values, traditions, symbols and meanings that are passed from one generation to another within a specific community of people.
The least unit of culture is called the culture trait.
Hence the answer is FALSE.