If a perfect competitor is taking an economic loss of $22,000,the firm is

A) probably in the short run.
B) probably in the long run.
C) definitely in the short run.
D) definitely in the long run.

Economic Loss

A loss in financial terms representing the difference between the market value and the cost of production.

Perfect Competitor

A market participant that cannot influence the market price and must take it as given because the market is perfectly competitive.

Short Run

A period in economic theory during which at least one input, such as plant size or the number of firms in the industry, is fixed and cannot be changed.