When discussing pure competition, the term long run refers to a period of time long enough to

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When discussing pure competition, the term long run refers to a period of time long enough to allow:

a. Firms already in an industry to either expand or contract their capacities.

b. New firms to enter or existing firms to leave.

c. Both a and b.

d. None of the above.

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Microeconomics Principles, Problems and Policies

ISBN: 978-1259450242

20th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn

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Question Posted: Apr 25, 2018 01:40 AM

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When discussing pure competition, the term long run refers to a period of time long enough to

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c Both a and b When discussing pure competition the term long run re...View the full answer

Microeconomics Principles, Problems and Policies

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