1. Business firms have an incentive to avoid the discipline of competition. In the presence of competitive...

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1. Business firms have an incentive to avoid the discipline of competition. In the presence of competitive pressures and low entry barriers, competition will eliminate economic profit (above-normal profit) in the long run.

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Economics Private And Public Choice

ISBN: 9780123110404

2nd Edition

Authors: James D Gwartney; Richard Stroup; A H Studenmund

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Question Posted: Oct 25, 2024 09:06 AM

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1. Business firms have an incentive to avoid the discipline of competition. In the presence of competitive...

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Economics Private And Public Choice

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