Kenneth Dole just inherited a farm that operates in a purely competitive industry. Kenneth is curious about the potential profitability of the company.From an economic perspective, he can expect

Group of answer choices

there will be economic profits in the long run but not in the short run.

economic losses in the long run because of cut-throat competition.

economic profits to persist in the long run if consumer demand is stable.

that in the short run, his farm may incur economic losses or earn economic profits, but in the long run, he can only expect normal profits.