In a perfectly competitive market, a firm has to be either good or lucky. Explain what is

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"In a perfectly competitive market, a firm has to be either good or lucky." Explain what is meant by this statement. Illustrate your answer with the use of the diagrams shown in Figures 8.5, 8.6, and 8.7.

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Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

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Question Posted: Jun 20, 2016 12:33 AM

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In a perfectly competitive market, a firm has to be either good or lucky. Explain what is

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A good firm Given market price P 1 the firm is able ...View the full answer

Managerial Economics

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