A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero

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A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but in which firms are operating below their minimum efficient scale. Explain the long-run adjustments that will take place for the industry to attain long-run equilibrium with firms operating at their minimum efficient scale.
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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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