Asked by jen
Will firms in a price-taker market be able to earn profits in the long run? Why or why not? What determines profitability? Discuss.
Answers
Answered by
economyst
Take a shot, what do you think.
Hint: In general, price taker's do not have long run economic profits. Hint 2: be sure to consider opportunity costs to firms.
Hint: In general, price taker's do not have long run economic profits. Hint 2: be sure to consider opportunity costs to firms.
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