In the short run firms in perfectly competitive industries can earn profits, but in the long run this profit will attract entry and profits will fall to zero.
In the short run firms in perfectly competitive industries can earn profits, but in the long run this profit will attract entry and profits will fall to zero. As this occurs the price of the product will fall until it equals the minimum point on, For 10 points, which one of the firms' cost curves?
In the short run firms in perfectly competitive industries can earn profits, but in the long run this profit will attract entry and profits will fall to zero.
{average total cost}