Question
Does a competitive long-run equilibrium require cost-minimization? Yes, if they didn't even less efficient firms would enter the industry. Yes, if firms fail to be
Does a competitive long-run equilibrium require cost-minimization?
Yes, if they didn't even less efficient firms would enter the industry.
Yes, if firms fail to be as efficient as their competitors they are driven out of the market.
No, in the long-run firms make zero profits.
No, because competition ensures their survival.
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Managerial Economics A Problem Solving Approach
Authors: Luke M. Froeb, Brian T. McCann
1st Edition
0324359810, 9780324359817
