Perfect Competition Long-Run (2 of 2)- Old Version

Perfect Competition Long-Run (2 of 2)- Old Version

Assessment

Interactive Video

Business

11th Grade - University

Hard

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Quizizz Content

FREE Resource

The video tutorial explains economic concepts in the context of perfect competition. It covers the short-run and long-run dynamics, focusing on how firms enter the market to make profits, leading to shifts in the supply curve and changes in market prices. The tutorial concludes with the concept of long-run equilibrium, where no economic profit is made, and firms have no incentive to enter or exit the market.

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2 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the significance of long-run equilibrium in a competitive market?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe the conditions under which firms will stay in the market.

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