Suppose a perfectly competitive market is in equilibrium and demand for the product increasesO in the short-run firms will have positive profit.O in the long-run firms will have positive profit.O in the short- run firms will have negative profit.O in the long-run firms will have negative profit.

Perfect competition is a market system in which several sellers sell the same product without any…

Suppose a perfectly competitive market is in equilibrium and demand for the product increases O in the short-run firms will have positive profit. in the long-run firms will have positive profit. O in the short- run firms will have negative profit. O in the long-run firms will have negative profit.

Suppose a perfectly competitive market is in equilibrium and demand for the product increases O in the short-run firms will have positive profit. in the long-run firms will have positive profit. O in the short- run firms will have negative profit. O in the long-run firms will have negative profit.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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