If the Firm Were a Perfect Competitor in the Long

question 119

Short Answer

If the firm were a perfect competitor in the long run,what price would it charge?

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Definitions:

Settled Agriculture

The practice of cultivating the land and raising crops on a continual basis, a key development in human history that led to the growth of civilizations.

Patrilineally

A system of lineage or descent traced through the male line; where inheritance and family ties are determined by the father's lineage.

Distinct Languages

Languages that are recognizably different from each other in terms of structure, vocabulary, and pronunciation.

Inhabitants of North America

People living on the continent of North America, including indigenous peoples and descendants of settlers.