Answer:
To shield domestic production from foreign competition by raising the price of the imported commodity
Explanation:
“Increase in agricultural production and the rise in the per-capita income of the rural community, together with the industrialisation and urbanisation, lead to an increased demand in industrial production”
In perfectly competitive markets, firms in the market in the long-run, will earn zero economic profits.
<h3>What economic profits are earned in a perfectly competitive market?</h3>
In the short-run, there is a chance to earn a positive economic profit in a perfectly competitive market but this would then attract other companies into the market to make profits as well.
This then leads to the profits disappearing thanks to increased supply and lower prices. Companies would then leave and enter to either take advantage of profits or stop losses thereby keeping economic profits at zero in the long run.
Find out more on perfectly competitive markets at brainly.com/question/15712381
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Explanation:
DO IT YOURSELF UGH NOT THIS WAY
On the left of the paper it should be the “cue Column and at the right side of the paper it should be “Note taking Column” and the bottom of the page it should be the summary section.
