Under competitive conditions a firm in the long run makes________.
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UoH 2020 Question 42: Perfect competition
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Perfect competition has come up 115 times in 7 exams since 2006.
What this question tests
This question is on Long-run equilibrium, entry and exit, part of Perfect competition in Microeconomics.
Why free entry drives profit to zero in the long run, and what that implies for the number of firms and industry supply.
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