ECO 204 Week 3 DQ 1 Perfect Competition

July 6, 2015  |  By  | 


For more course tutorials visit www.uoptutorial.com Perfect Competition: A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium with firms operating at their minimum efficient scale. Why is a perfect competitive firm associated with efficiency for both consumers and businesses? Respond to at least two of your fellow students’ postings

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