How do perfectly competitive markets respond to economic losses for firms?
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Perfect competition arises when:
<br>- There are many firms, each selling an identical product.
<br>- There are many buyers.
<br>- There are no restrictions on entry into the industry.
<br>- Firms in the industry have no advantage over potential ...
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... If firms in a competitive market are making super-normal profit or positive profit, new firms will enter the market because in a perfect competition, there is ...
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