Answered: 1-What are conditions of firm…

Business

Economics

1-What are conditions of firm equilibrium? 2-what are the possibilities of perfect competition in short-run?

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1.3P

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Question

1-What are conditions of firm equilibrium?

2-what are the possibilities of perfect competition in short-run?

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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