Which is not true of a perfectly competitive market? a. At the long-run equilibrium, economic profit is less than accounting pro
fit. b. There is no incentive to innovate since economic profit is zero in the long-run c. The typical industry demand curve is downward sloping d. If the long-run average total cost curve is horizontal in the relevant range of production, perfectly competitive firms can be various sizes in long-run equilibrium
In theory, the perfect market is the structure in which all the firms sell identical products,They all are price takers, the market share doesn't influence the prices, firms can enter or exit the market without cost and resources are perfectly mobile. No markets are in the sphere of the perfect competition model. so they are classified as imperfect. The imperfect and perfect market is the outcome of post-classical economic thought of the Cambridge tradition.
Rawls argues that self-interested rational persons behind the veil of ignorance would choose two general principles of justice to structure society in the real world: 1) Principle of Equal Liberty: Each person has an equal right to the most extensive liberties compatible with similar liberties for all.
<u><em>the answer is A TRACK CHANGES . autocorrect is wrong it deletes the answer and changes it to the right one . but track changes shows all the changes you have made to the paper hope this helps. </em></u>
