Microeconomics: Private and Public Choice (MindTap Course List)
15th Edition
ISBN: 9781285453569
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 9, Problem 2CQ
To determine
The changes of market price in the long run.
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In the long-run equilibrium, what is the price?
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Chapter 9 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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- In the long run, perfectly competitive firms make zero economic profit. If this is the case, why does the firm even bother producing? Why not exit the market completely?arrow_forwardFirms in a perfectly competitive market are said to be "price takers" - that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfect competitive market, but you are not happy with its price, would you raise the price, even by a cent?arrow_forward
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