In a perfectly competitive market, firms that remain in the market in the long run produce at the efficient scale because minimizing costs always maximizes profits. markets are always efficient. their supply curve is horizontal. they are price takers and must make zero profits in the long run.

In a perfectly competitive market, firms that remain in the market in the long run produce at the efficient scale because minimizing costs always maximizes profits. markets are always efficient. their supply curve is horizontal. they are price takers and must make zero profits in the long run.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.3: Perfect Competition In The Long Run

Problem 3ST

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Question

In a perfectly competitive market, firms that remain in the market in the long run produce at the efficient scale because
minimizing costs always maximizes profits.
markets are always efficient.
their supply curve is horizontal.
they are price takers and must make zero profits in the long run.

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