Question Description
Help me study for my Business class. I’m stuck and don’t understand.
Respond to the following:
Compare the short run and long run for perfectly competitive firms. How do perfectly competitive firms adapt to market changes in the short run? What can perfectly competitive firms expect in the long run in terms of profits?
Explanation & Answer
Attached.
Running head: PERFECTLY COMPETITIVE FIRMS
Perfectly competitive firms
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PERFECTLY COMPETITIVE FIRMS
2
Profit maximization for perfectly competitive firms occurs when the marginal cost equals
the marginal revenue. In the short run, for perfectly competitive fir...
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