Draw a graph representing a perfectly competitive firm earning an economic profit. (Make sure to show both the firm and the industry graphs) What happens over-time, if many firms are earning economic profits? Is this good or bad for consumers? Explain.
Draw a graph representing a perfectly competitive firm earning an economic profit. (Make sure to show both the firm and the industry graphs) What happens over-time, if many firms are earning economic profits? Is this good or bad for consumers? Explain.
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 12P
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Draw a graph representing a
What happens over-time, if many firms are earning economic profits?
Is this good or bad for consumers? Explain.
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