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Firms in perfect competition break even in the long-run because

Economics
WAEC 2024

Firms in perfect competition break even in the long-run because

  • A. new firms can not enter the market due to copyright laws.
  • B. more firms can enter the industry due to attractive prof its.
  • C. marginal revenue is greater than marginal cost at all levels.
  • D. profits are not enough to repay traders' loans.
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Correct Answer: Option A
Explanation

A: In the long run, the market will be filled and no new entreats can come in the market has reached its equilibrium. thus it breaks even.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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