Relate opportunity costs to why profits encourage entry into purely competitive industries and how losses encourage exit
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Relate opportunity costs to why profits encourage entry into purely competitive industries and how losses encourage exit from purely competitive industries.
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Remember that normal profit is our measure of opportunity cost Entry ...View the full answer
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Related Book For 
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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