In perfect competition in the long run there will be no :
(a) Normal profits
(b) Above-normal profit
(c) Production
(d) Costs
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In the perfect competition in the long run there will be no: Costs
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In perfect competition in the long run there will be no above-normal profit.
What is perfect competition?
- The products in perfect competition are transferred without any cost
- There are a large number of producers and buyers present in perfect competition
- There is no transportation charge for an exchange of goods in a perfect market
- The buyers and sellers know all the information about the price of any product
- The companies in the perfect competition have similar products
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