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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 want to produce more output, is the market in long-run equilibrium?

To determine

Identify if the perfect competitive market is in long run equilibrium.

Explanation

The perfect competitive market is not in long run competitive equilibrium. If the firm is in long run equilibrium, it has no incentive to freely enter and exist in the market. Generally, under long run equilibrium, the firms t...

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