Compare the short run and long run for perfectly competitive firms. How do perfectly competitive firms adapt to market changes in the short run? What can perfectly competitive firms expect in the long run in terms of profits?
Compare the short run and long run for perfectly competitive firms. How do perfectly competitive firms adapt to market changes in the short run? What can perfectly competitive firms expect in the long run in terms of profits?
Chapter2: Planning, Implementing, And Evaluating Marketing Strategies
Section: Chapter Questions
Problem 1DYMP
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Respond to the following in a minimum of 175 words:
- Compare the short run and long run for
perfectly competitive firms. - How do perfectly competitive firms adapt to market changes in the short run?
- What can perfectly competitive firms expect in the long run in terms of profits?
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