Under perfect competition profi ts are always zero in the long run. (LO5)

a) accounting

b) economic

c) both economic and accounting

d) neither accounting or economic Use the choices below to answer questions 30 and 31.

a) in the long run making a profi t

b) in the long run breaking even

c) in the long run taking a loss

d) in the short run making a profi t

e) in the short run breaking even

f) in the short run taking a loss