As long as firms in a perfectly competitive industry earn extra-normal profits, other firms will be attracted and will decide to enter the industry.
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Q1: Constant-cost rent is the average cost of
Q3: In constant-cost industires, the long-run supply curve
Q4: Pecuniary externalities exist when the action of
Q5: Which of the following is the third
Q6: In the long run, a firm has
Q7: In a long-run equilibrium in a perfectly
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