One characteristic of perfectly competitive markets is that individual firms O engage in product differentiation are free to enter or exit an industry in the long run earn positive economic profits in the long run O face a downward sloping demand curve O advertise to increase market share

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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One characteristic of perfectly competitive markets is that individual firms
O engage in product differentiation
Oare free to enter or exit an industry in the long run
O earn positive economic profits in the long run
O face a downward sloping demand curve
O advertise to increase market share
Transcribed Image Text:One characteristic of perfectly competitive markets is that individual firms O engage in product differentiation Oare free to enter or exit an industry in the long run O earn positive economic profits in the long run O face a downward sloping demand curve O advertise to increase market share
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