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Author Question: If perfectly competitive lawn care firms are making an economic profit, then (Read 110 times)

TVarnum

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If perfectly competitive lawn care firms are making an economic profit, then
◦ wages will be bid up until the economic profit are gone.
◦ the firms must be superior and will continue to make an economic profit.
◦ new firms will enter the industry.
◦ they are not equating marginal revenue to marginal cost.
◦ government regulation will be imposed to decrease their profit.


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Marked as best answer by TVarnum on May 24, 2019

Hikerman221

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TVarnum

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