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Perfectly elastic because of free entry and exit of firms

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Reference no: EM131480094

Briefly explain whether the following statements are True or False. Please provide short explanation for each answer or diagram.

1. Economies of scale occur because variable costs increase with quantity.

2. The long-run supply curve in a perfectly competitive market is perfectly elastic because of free entry and exit of firms.

3. Perfectly competitive firms earn zero economic profits in the long run because they maximize revenues.

Reference no: EM131480094

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