Describe an industry that would meet conditions of a, Ask an Expert

Economics

Q. Your initial answer to each question should be at least 100 words in length.

1. Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.

2. When developing short-run cost curves, it is assumed that all firms in perfect competition have same cost curves and y all make identical short-run profits or losses. Contrast this to real world and why individual firms might experience different cost curves and different profits.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9307489

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