In the long run, the perfect competition graph shows a horizontal demand curve and a downward-sloping supply curve intersecting at the equilibrium point, where price equals marginal cost. This results in maximum efficiency and zero economic profit for firms.
The long run perfect competition graph shows that in a perfectly competitive market, firms earn zero economic profit in the long run. This indicates that the market is efficient and in equilibrium, with prices equal to costs and resources allocated optimally.
Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.
Factors that contribute to the sustainability of perfect competition in the long run include low barriers to entry, homogenous products, perfect information, and the absence of market power.
In perfect competition, long-run equilibrium is determined by factors such as the level of competition in the market, the ease of entry and exit for firms, and the presence of identical products. Additionally, factors like production costs, consumer demand, and market information play a role in achieving long-run equilibrium.
In a market structure with perfect competition in the long run, there are many buyers and sellers, products are identical, there is free entry and exit of firms, perfect information, and firms earn normal profits.
The long run perfect competition graph shows that in a perfectly competitive market, firms earn zero economic profit in the long run. This indicates that the market is efficient and in equilibrium, with prices equal to costs and resources allocated optimally.
Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.
Factors that contribute to the sustainability of perfect competition in the long run include low barriers to entry, homogenous products, perfect information, and the absence of market power.
In perfect competition, long-run equilibrium is determined by factors such as the level of competition in the market, the ease of entry and exit for firms, and the presence of identical products. Additionally, factors like production costs, consumer demand, and market information play a role in achieving long-run equilibrium.
In a market structure with perfect competition in the long run, there are many buyers and sellers, products are identical, there is free entry and exit of firms, perfect information, and firms earn normal profits.
Perfect competition is efficient in the long run because price _____ marginal cost and firms are producing at minimum _____.
c) no barriers to entry or exit in the long run
In perfect competition, factors that influence long-run profit include market demand, production costs, entry and exit of firms, and technological advancements. These factors can impact a firm's ability to earn profits over time in a competitive market environment.
Under perfect competition, a business firm can accept losses in the short term, as long as it believes that it can recover and make profits in the long run. This is because in a perfectly competitive market, firms have no control over prices and must accept the market price for their goods or services.
The shape of the long run supply curve in perfect competition is determined by factors such as technology, input prices, and economies of scale. These factors influence the ability of firms to produce goods efficiently and at different levels of output, which in turn affects the overall shape of the supply curve.
It audopends if you are to crap at drawing or not well you can draw a drawing and you can take as long as yoiu like but when you think it is perfect, it is perfect!!! everyone has a different opinion of what perfect is!!!
In imperfect competition the producer is the price maker whereas in perfect the producer is the price taker. In imperfect no new competitors enter the industries hence super normal profits will continue to be realised, unlike in perfect comp