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Completely describe the factors that drive profits to zero in perfectly competitive markets in the long run. Some things to consider as you answer this
Completely describe the factors that drive profits to zero in perfectly competitive markets in the long run.
Some things to consider as you answer this question:
- Why would a firm choose to operate at a loss in the short run
- When do firms decide to shut down production in the short run?
- Why would any firm want to operate in a perfectly competitive market?
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Economics
Authors: Campbell McConnell, Stanley Brue, Sean Flynn
21st Edition
1259723224, 9781259723223
