When a perfectly-competitive industry is in long-run equilibrium, Multiple Choice O O All of these options are correct. market price is equal to minimum long-run total cost. firms have incentives to enter or exit the industry. each firm earns zero economic profit.
When a perfectly-competitive industry is in long-run equilibrium, Multiple Choice O O All of these options are correct. market price is equal to minimum long-run total cost. firms have incentives to enter or exit the industry. each firm earns zero economic profit.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter22: Perfect Competition
Section: Chapter Questions
Problem 2QP
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