Explain in detail how purely competitive markets, in the long-run, know how to adjust to and provide the correct output, at the correct price. Give an example of a good or service you might buy that is closest to being in a purely competitive market. Explain your logic.
Explain in detail how purely competitive markets, in the long-run, know how to adjust to and provide the correct output, at the correct price. Give an example of a good or service you might buy that is closest to being in a purely competitive market. Explain your logic.
Chapter9: Perfect Competition
Section: Chapter Questions
Problem 10WNG
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- Explain in detail how purely competitive markets, in the long-run, know how to adjust to and provide the correct output, at the correct price.
- Give an example of a good or service you might buy that is closest to being in a purely competitive market. Explain your logic.
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