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olga_2 [115]
2 years ago
5

Competitive price taker firms always earn zero economic profit in long run equilibrium because:_______

Business
1 answer:
Westkost [7]2 years ago
3 0

Competitive price taker firms always earn zero economic profit in long-run equilibrium because of the following reasons which include easy entry & exit, small player etc.

Perfect competition exists when there are many sellers, firms can easily enter and exit, products are identical from one seller to the next, and sellers are price takers.

A perfectly competitive firm must accept the equilibrium price at which it sells goods because it is a price taker.

A perfectly competitive firm will be unable to make any sales if it charges even a small amount more than the market price.

Furthermore, a perfectly competitive firm must be a very small player in the overall market, allowing it to increase or decrease output without affecting the overall quantity supplied and price in the market.

Hence, Competitive price taker firms always earn zero economic profit in long-run equilibrium.

Learn more about Long-run equilibrium:

brainly.com/question/6275304

#SPJ4

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2 years ago
What is the best suggestion to give a seller if an interested party shows up at their front door unannounced
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Learn more about real estate here brainly.com/question/5053499

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4 0
2 years ago
Suppose a firm produce 20 units per month and has a total variable cost of R3000 per month.If it's average fixed costs are R400
leonid [27]

Answer:

Total cost per month t is equal to sum of fixed and variable costs

Variable costs per month are R3000

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Galina-37 [17]

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d. This is clearly a case of perceptual filters. There are many people in the theater watching a movie. Suppose a James Bond movie, shows James Bond using a Sony mobile hand set.

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