Which of the following is not an assumption we make about perfectly competitive markets? a)Firms are price-takers b)Firms sell identical products c)Firms earn positive profit in the short-run but zero profit in the long-run d)Firms can freely enter or exit the market in the long-run e)All of the above are valid assumptions

Which of the following is not an assumption we make about perfectly competitive markets? a)Firms are price-takers b)Firms sell identical products c)Firms earn positive profit in the short-run but zero profit in the long-run d)Firms can freely enter or exit the market in the long-run e)All of the above are valid assumptions

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.11P

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