Which attribute in perfect competition makes it so firms will make zero economic profit in the long run? O Many buyers and sellers O Identical products Low barriers to entry O Full information
Which attribute in perfect competition makes it so firms will make zero economic profit in the long run? O Many buyers and sellers O Identical products Low barriers to entry O Full information
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Give me answer with explanation and correct answer provide both part please
![Which attribute in perfect competition makes it so firms will make zero economic profit in the long run?
O Many buyers and sellers
O Identical products
O Low barriers to entry
O Full information](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ad30702-84f0-4133-bbd9-417f6473d850%2Fac4d999e-786e-400a-891e-51ffbb622275%2Fdz9xlog_processed.png&w=3840&q=75)
Transcribed Image Text:Which attribute in perfect competition makes it so firms will make zero economic profit in the long run?
O Many buyers and sellers
O Identical products
O Low barriers to entry
O Full information
![If an industry is making negative economic profit in the short run, what do you expect to happen in the market
in the long run?
O Demand increases
O Demand decreases
O Supply increases
● Supply decreases](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ad30702-84f0-4133-bbd9-417f6473d850%2Fac4d999e-786e-400a-891e-51ffbb622275%2Fuf3sd7j_processed.png&w=3840&q=75)
Transcribed Image Text:If an industry is making negative economic profit in the short run, what do you expect to happen in the market
in the long run?
O Demand increases
O Demand decreases
O Supply increases
● Supply decreases
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