Why Do Short-Run Profits in a Perfectly Competitive Industry Tend

question 120

Essay

Why do short-run profits in a perfectly competitive industry tend to disappear over time?

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Definitions:

Strategic Leadership

Leadership that focuses on setting long-term goals, developing clear visions, and implementing strategic plans to ensure organizational success.

Guardian of Trade-Offs

A role or perspective in decision-making that emphasizes the careful consideration and management of competing interests or values.

Sense of Urgency

The perception and drive to act promptly and efficiently, often to meet critical deadlines or solve pressing problems, fostering a culture of immediacy and responsiveness.

Corporate Strategies

High-level plans and actions undertaken by a company to achieve its business objectives and to gain competitive advantage.