Answered: Explain in detail why it would be okay…

Explain in detail why it would be okay for you, if you were a business in a purely competitive industry, to make zero economic profits.

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 36CTQ: Why will losses for firms in a perfectly competitive industry tend to vanish in the long run?

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