Explain the process that drives purely competitive firms to operate efficiently, receive a price equal to lowest
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Explain the process that drives purely competitive firms to operate efficiently, receive a price equal to lowest average cost, and earn no economic profit in the long run.
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For a competitive firm to survive and earn a normal profit in the long run it must produc...View the full answer
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Related Book For
Economics Theory And Practice
ISBN: 9781118949733
11th Edition
Authors: Patrick J. Welch, Gerry F. Welch
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