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Explain Why,when All Adjustment Have Taken Place,the Perfectly Competitive Firm

question 74

Essay

Explain why,when all adjustment have taken place,the perfectly competitive firm will operate at the minimum of its short-run and long-run average total cost curves and earn zero economic profit.


Definitions:

General Contract Law

A legal framework governing the formation, execution, and enforcement of agreements between parties.

Invitation To Trade

An announcement published for the purpose of creating interest and attracting a response by many people.

Ohio Residents

Individuals who live in or have established domicile within the state of Ohio, U.S.A.

Bait-And-Switch

A deceptive marketing tactic where customers are lured with a promising offer that is unavailable, to sell a different, often pricier, item.

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