A perfect competitor is defined as one who can earn economic profits, even in the long run.
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Q60: Use the following to answer questions :
Figure
Q61: In the long run, the industry's supply
Q62: Use the following to answer questions :
Figure
Q63: Free (unrestricted)entry and exit of firms is
Q64: The market demand curve is a reflection
Q66: A competitive price system equitably and even-handedly
Q67: If externalities are involved, there may be
Q68: A profit maximizing competitive firm should produce
Q69: There can be an efficient allocation of
Q70: We can add horizontally the supply curves
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