The key characteristic which prevents firms in a perfectly competitive industry from earningeconomic profits in the long run is:The absence of foreign competitors.The absence of information regarding the price of inputs such as labor and capital.The absence of restrictions on entry and exit into or out of the industry.The absence of government regulations.

In perfect competition there are large number of buyers and sellers selling homogeneous goods which…

The key characteristic which prevents firms in a perfectly competitive industry from earning economic profits in the long run is: The absence of foreign competitors. O The absence of information regarding the price of inputs such as labor and capital. The absence of restrictions on entry and exit into or out of the industry. The absence of government regulations.

The key characteristic which prevents firms in a perfectly competitive industry from earning economic profits in the long run is: The absence of foreign competitors. O The absence of information regarding the price of inputs such as labor and capital. The absence of restrictions on entry and exit into or out of the industry. The absence of government regulations.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

ChapterP3: Market Structure

Section: Chapter Questions

Problem 3KC

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