What happens in perfectly competitive market

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Question

Write a memo to (UWF President) Martha Saunders explaining how a university would look if it operated in a perfectly competitive environment (using the characteristics of perfectly competitive markets). Include an explanation of what would happen if it received a favorable price for university products this year.

Hint: From the material, remember what happens in a perfectly competitive market if the current price is greater than average cost (or producers are currently earning positive economic profits).

Reference no: EM133477027

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