In perfect competition, the long-run outcome is always maximum efficiency.
Correct Answer:
Verified
Q13: Graphically, to find the profit-maximizing price for
Q14: Because its market share is insignificant, a
Q15: The demand curve facing a firm in
Q16: In the short-run, profits will only exist
Q17: In the long-run, profits will exist for
Q19: Economists agree that large firms with big
Q20: A monopolist's goal is to maximize profit.
Q21: Without product differentiation, it would be very
Q22: According to Alfred Marshall, small firms produce
Q23: In competitive industries, firms that innovate can
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