Short-run perfectly competitive equilibrium is defined as

Question

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Short-run perfectly competitive equilibrium occurs when the market price and quantity are such that the quantity supplied equals the quantity demanded in the short term. In other words, there is no excess supply or demand in the market. This also means that firms in the market are producing at their profit-maximizing level, but not necessarily earning zero profits or facing no incentive to enter the market.

Short-Run Perfectly Competitive Equilibrium Is Defined as