In long-run competitive equilibrium, product price equals __________________ and also equals __________________. Thus, economic profit equals $___________, however, firms have not incentive to exit the industry because each firm earns enough revenue to cover all its explicit costs of operation and pay its owners an amount equal to ______________________________.

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The Answer of In long-run competitive equilibrium, product price equals __________________ and also equals __________________. Thus, economic profit equals $___________, however, firms have not incentive to exit the industry because each firm earns enough revenue to cover all its explicit costs of operation and pay its owners an amount equal to ______________________________.

In Long-Run Competitive Equilibrium, Product Price Equals __________________ and Also