why in perfect competition, there are no economic profits or losses in the long run.

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Question Description

Write a two-page essay that explains why in perfect competition, there are no economic profits or losses in the long run. Use a minimum of two academic journal articles from the CSU Online Library. Your essay must be formatted in APA style. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style

Tutor Answer

ProfessorEmily
School: UCLA

Attached.

Running head: PERFECT COMPETITION

1

Perfect Competition
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Institution:
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Date:

PERFECT COMPETITION

2
Introduction

Perfect competition refers to a market structure in which an unlimited number of businesses
produce similar goods for a countless number of customers. As Carl, 2012) puts it, it’s considered
the ideal and theoretical market structure. In the long run, a business is open to change all of its
activities, existing firms can leave the market, and new firms can enter. The long-run equilibrium
of this market structure is that production happens at the lowest cost per unit, leading to the
elimination of economic profits and losses are eradicated (Barnett, Block & Saliba, 2005). The
paper enlightens why a perfectly competitive market eliminates the economic profit and economic
loss in the long-run.
In a perfect competition m...

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Anonymous
Good stuff. Would use again.

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