Economists consider perfect competition as more efficient than other types of market structures, because, in the long-run, firms earn • profits and the total costs of producing one unit of good are + ; the production resources are used in the most efficient way.

Economists consider perfect competition as more efficient than other types of market structures, because, in the long-run, firms earn • profits and the total costs of producing one unit of good are + ; the production resources are used in the most efficient way.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 15E

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Question

zero or low or high - Blank options 1

Min level or Max Level or Zero - Blank options 2

Economists consider perfect competition as more
efficient than other types of market structures,
because, in the long-run, firms earn
profits
and the total costs of producing one unit of good are
+ ; the production
resources are used in the most efficient way.

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