Which of the Following Is True Concerning Purely Competitive Industries

Multiple Choice

Which of the following is true concerning purely competitive industries?

A) There will be economic losses in the long run because of cut-throat competition.
B) Economic profits will persist in the long run if consumer demand is strong and stable.
C) In the short run, firms may incur economic losses or earn economic profits, but in the long run they earn normal profits.
D) There are economic profits in the long run but not in the short run.