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Regarding the four attributes of perfect competition (many small firms, freedom of entry, standardized product, and perfect information): Which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal? Which is primarily responsible for the firm’s zero economic profits in long-run equilibrium?

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 10, Problem 3DQ
Textbook Problem
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Regarding the four attributes of perfect competition (many small firms, freedom of entry, standardized product, and perfect information):

  1. Which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal?
  2. Which is primarily responsible for the firm’s zero economic profits in long-run equilibrium?

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