A student in a principles of economics course makes the following remark: The economic model of perfectly

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A student in a principles of economics course makes the following remark:
The economic model of perfectly competitive markets is fine in theory but not very realistic. It predicts that in the long run, a firm in a perfectly competitive market will earn no profits. No firm in the real world would stay in business if it earned zero profits.
Briefly explain whether you agree with this remark.
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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