Competitive firms will always try to earn more than a normal profit by doing the following except

Question

Quizplus · Accepted Answer

In competitive markets, firms have little to no ability to raise prices above the market level because consumers can easily switch to competitors offering similar products at lower prices. Thus, raising prices is not a viable strategy for earning more than a normal profit in a competitive environment. Instead, firms focus on improving efficiency, adopting better technology, and innovating with new products to gain an edge.

Competitive Firms Will Always Try to Earn More Than a Normal