List the Three Conditions That Must Be Met When a Perfectly

question 43

Essay

List the three conditions that must be met when a perfectly competitive industry is in long-run equilibrium.

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Definitions:

Situational Factors

External influences that affect an individual's behavior, decisions, and attitudes in a given context.

Entrapment

A psychological state in which an individual feels trapped by their circumstances, leading to feelings of helplessness and despair.

State of Tension

A psychological and physical condition resulting from the presence of stressors, leading to feelings of strain or pressure.

Incongruent

Not in harmony or keeping with the surroundings or other aspects of something; conflicting.