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Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691 Exercise 5
Regarding the four attributes of perfect competition (many small firms, freedom of entry, standardized product, and perfect information):
a. Which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal
b. Which is primarily responsible for the firm's zero economic profits in long-run equilibrium
a. Which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal
b. Which is primarily responsible for the firm's zero economic profits in long-run equilibrium
Explanation
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(a) The demand curve of a perfectly comp...
Economics 12th Edition by William Baumol, Alan S Blinder
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