Consider the following statements when answering this question: I. In the long run, if a firm wants to remain in a competitive industry, then it needs to own resources that are in limited supply.
II) In this competitive market our firm's long-run survival depends only on the efficiency of our production process.
A) I and II are true.
B) I is true, and II is false.
C) I is false, and II is true.
D) I and II are false.

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The Answer of Consider the following statements when answering this question: I. In the long run, if a firm wants to remain in a competitive industry, then it needs to own resources that are in limited supply.
II) In this competitive market our firm's long-run survival depends only on the efficiency of our production process.
A) I and II are true.
B) I is true, and II is false.
C) I is false, and II is true.
D) I and II are false.

Consider the Following Statements When Answering This Question: I