MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 13, Problem 3QE
To determine

The use of perfect competition model in the real world.

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Explain how economics make profit or loss when firms are perfectly competitive.
Why do a firm's profit disappear in the long run?
Why don't firms in a competitive market have excess capacity in the long run?
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