Which of the following statements applies to a purely competitive producer? a. it will not advertise its product b. in long-run equilibrium, it will earn an economic profit c. its product will have a brand name that elicits customer loyalty d. its product is slightly different from those of its competitors
Which of the following statements applies to a purely competitive producer? a. it will not advertise its product b. in long-run equilibrium, it will earn an economic profit c. its product will have a brand name that elicits customer loyalty d. its product is slightly different from those of its competitors
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 12P
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Which of the following statements applies to a purely competitive producer?
a. it will not advertise its product
b. in long-run equilibrium, it will earn an economic profit
c. its product will have a brand name that elicits customer loyalty
d. its product is slightly different from those of its competitors
[ don't give chatgpt answer]
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