QUESTION 1Which of the following distinguishes the short run from the long run in pure competition?A. Firms can enter and exit theB. Firms attempt to maximizeprofits in the long run but notC. Firms use the MR = MC rule toD. The quantity of laborhired can vary in the longmarket in the long run but not inmaximize profits in the short runbut not in the long runthe short runin the short runrun but not in the shortrun

Pure Competition or Perfect Competition is defined as a theoretical market structure where all the…

Answered: Which of the following distinguishes…

Business

Economics

Which of the following distinguishes the short run from the long run in pure competition?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter24: Perfect Competition

Section: Chapter Questions

Problem 7E

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