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Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
Edition 20ISBN: 978-0077660772Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
Edition 20ISBN: 978-0077660772 Exercise 5
The basic model of pure competition reviewed in this chapter finds that in the run all firms in a purely competitive industry will earn normal profits. If all firms will only earn a normal profit in the run, why would any firms bother to devenew products or production methods? Explain.
Explanation
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In the run, all firms will earn normal p...
Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
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