In a perfectly competitive market,a technological advance allows all firms to earn higher economic profits in the long run.

Name: In a perfectly competitive market,a technological advance allows all firms to earn higher economic profits in the long run.
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In a perfectly competitive market, technological advances may initially allow firms to earn higher profits, but in the long run, new firms enter the market, driving profits back to normal levels.

In a Perfectly Competitive Market,a Technological Advance Allows All Firms