Why is profit rates in all competitive industries tend toward the same level? What incentive does this create for entrepreneurs and how does this benefit scociety as a whole?
Why is profit rates in all competitive industries tend toward the same level? What incentive does this create for entrepreneurs and how does this benefit scociety as a whole?
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 28RQ: Will a perfectly competitive market display productive efficiency? Why or why not?
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Why is profit rates in all competitive industries tend toward the same level? What incentive does this create for entrepreneurs and how does this benefit scociety as a whole?
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