In a market that is characterized by free entry and exit, profit serves the function of drawing new firms into the industry when it is less than normal and causing some firms to leave when it is greater than normal.
Correct Answer:
Verified
Q10: The demand curve of the perfectly competitive
Q11: The demand curve of the perfectly competitive
Q12: As long as the output of an
Q13: Under perfect competition, even though there are
Q14: In the long run, because of the
Q16: The demand curve of the perfectly competitive
Q17: In a market that is characterized by
Q18: The demand curve of the perfectly competitive
Q19: In the short run, as long as
Q20: An equilibrium price is one that equates
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents