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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If firms in a perfectly competitive market arc earning positive economic profits, what will happen?

To determine

Effect of earning high profits in the perfect competitive market.

Explanation

Perfect competition is the market structure with more number of buyers and sellers who sell a homogeneous product. If the firms in the perfect competitive market earn high profit, it attracts the new firm to enter into the market. Under this market, there is no barrier to free entry and exit; thus, firms can easily enter into the market...

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