estion 5 Assume the wool industry is perfectly competitive. Why is it difficult for a wool producer to make excess profits in the long run? the fact that wool producers are "price takers' the assumption that wool producers in the industry do not "differentiate their products the fact that the demand curve facing each wool producer is perfectly elastic There is nearly free entry into the wool industry.

estion 5 Assume the wool industry is perfectly competitive. Why is it difficult for a wool producer to make excess profits in the long run? the fact that wool producers are "price takers' the assumption that wool producers in the industry do not "differentiate their products the fact that the demand curve facing each wool producer is perfectly elastic There is nearly free entry into the wool industry.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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D, E nad F
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