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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 16
Which of the following is true of a perfectly competitive market?
A) If economic profits are earned, then the price will fall over time.
B) In long-run equilibrium, P = MR = SRMC = SRATC = LRAC.
C) A constant-cost industry exists when the entry of new firms has no effect on their cost curves.
D) All of the answers above are correct.
A) If economic profits are earned, then the price will fall over time.
B) In long-run equilibrium, P = MR = SRMC = SRATC = LRAC.
C) A constant-cost industry exists when the entry of new firms has no effect on their cost curves.
D) All of the answers above are correct.
Explanation
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In a perfectly competitive market, or a ...
Economics for Today 9th Edition by Irvin Tucker
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