In a perfectly competitive market, economic profits…

Question: In a perfectly competitive market, economic profits…

  • Are a byproduct of low cost, efficient production processes
  • May persist for long periods
  • Are competed away as new entrants imitate incumbent firms
  • Will increase as firms learn about customer preferences

Answers: Are competed away as new entrants imitate incumbent firms

Conclusion of In a perfectly competitive market, economic profits…

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