Economy, asked by bhawna4121, 2 months ago

Q_what is the implications of 'freedom of entry and exit' to firms feature under perfect competition?

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Answered by hayathz

3

Answer:

The basic implication of the feature of freedom of freedom of entry and exit of the firms under perfect competition is that all firms in the market earn zero economic profit in the long run. ... Price continues to fall till it becomes equal to the minimum of the LAC curve and the super-normal profits are wiped out

Explanation:

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