In the Long Run with Free Entry and Exit and Identical

question 133

Essay

In the long run with free entry and exit and identical firms, are competitive firms' profits positive, zero, or negative?

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Definitions:

Visual Cortex

The region of the brain that processes visual information.

Locked-In Syndrome

Condition in which a patient is aware and awake but cannot move or communicate verbally because of complete paralysis of nearly all voluntary muscles except the eyes.

Brainstem

The central trunk of the brain, continuing downwards to form the spinal cord, which controls fundamental life functions such as breathing and heart rate.

Prefrontal Cortex

The front part of the frontal lobe of the brain, involved in decision making, problem solving, control of purposeful behaviors, consciousness, and emotions.