Whichofthefollowingstatementsisnotcharacteristicofaperfectlycompetitiveindustryinlong-runequilibrium?Ceterisparibus,thereisnotendencyforfirmstoeitherenterorexittheindustry.A.A profit-maximizing firm may produce any output level at which P B.Every firm produces at an output level at which MC = LRATC.C.Ceteris paribus, there is no tendency for firms to either enter or exit the industry.D.No firm earns an economic profit.
Whichofthefollowingstatementsisnotcharacteristicofaperfectlycompetitiveindustryinlong-runequilibrium?Ceterisparibus,thereisnotendencyforfirmstoeitherenterorexittheindustry.A.A profit-maximizing firm may produce any output level at which P B.Every firm produces at an output level at which MC = LRATC.C.Ceteris paribus, there is no tendency for firms to either enter or exit the industry.D.No firm earns an economic profit.
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