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Question:
Write a two-page essay that explains why in perfect competition, there are no economic profits or losses in the long run. Use a minimum of two academic journal articles from the Columbia Southern University Online Library. Your essay must be formatted in APA style.
All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.
Verified Expert
Market refers to a structure in which the buyers and the sellers of the commodity remaining in the close contact. While on the other hand, Perfect competition is a form of market in which we find perfect competition between a large number of buyers and a large number of sellers of a homogenous product and uniform price. perfect competition is an imaginary form of market, it can not be found easily in today's market conditions
Your essay must be formatted in APA style. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style. Information about accessing the Blackboard Grading Rubric for this assignment is provided below. 4. Discuss how perfectly competitive markets affect the decision-making process in business firms. 4.1. Describe the market structure of perfect competition. 4.2. Determine the perfectly competitive firm’s profit-maximizing output in the short run. 4.3. Describe a perfectly competitive firm’s short-run supply curve.
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