Regarding the four attributes of perfect competition (many small firms, freedom of entry, standardized product, and perfect
Question:
a. Which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal?
b. Which is primarily responsible for the firm's zero economic profits in long-run equilibrium?
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a The fact that all firms sell a standardized product is primarily responsible in that ...View the full answer
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Related Book For 
Economics Principles and Policy
ISBN: 978-0538453653
12th edition
Authors: William J. Baumol, Alan S. Blinder
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