Which of the following options is correct in the long run? a. More firms will enter the industry in the long run. b. More firms will exit from the industry in the long run. c. Neither firm will enter nor exit in the long run. d. Few firms will enter, and few will exit in the long run.

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.