Economics · Imperfect Competition
Assertion (A): In the long run under imperfect competition, a firm does not earn any abnormal profit. Reason (R): Production cost increases to become equal to the price. Choose the correct answer using the codes given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A) is false, but (R) is true.
- 2(A) is true, but (R) is false.✓
- 3Both (A) and (R) are true, but (R) is not the correct explanation of (A).
- 4Both (A) and (R) are true, and (R) is the correct explanation of (A).
Correct answer
(A) is true, but (R) is false.
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