When discussing pure competition, the term long run refers to a period of time long enough to
Question:
When discussing pure competition, the term long run refers to a period of time long enough to allow:
a. Firms already in an industry to either expand or contract their capacities.
b. New firms to enter or existing firms to leave.
c. Both a and b.
d. None of the above.
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c Both a and b When discussing pure competition the term long run re...View the full answer
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Related Book For
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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