Chat with AI
Microeconomics 20th Edition by Campbell McConnell, Stanley Brue,Sean Flynn
Edition 20ISBN: 978-0077660819Microeconomics 20th Edition by Campbell McConnell, Stanley Brue,Sean Flynn
Edition 20ISBN: 978-0077660819 Exercise 5
The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms will only earn a normal profit in the long run, why would any firms bother to develop new products or lower-cost production methods Explain.
Explanation
Verified
Verified
In the long run, all firms will earn nor...
Microeconomics 20th Edition by Campbell McConnell, Stanley Brue,Sean Flynn
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
