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  • Due on Oct. 03, 2011
  • Asked on Sep. 30, 2011 at 01:19:48AM
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flamingheat2
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Q:
Perfect competition is often used as a benchmark to judge other market structures because
Answer
  there is not easy entry and exit.
  it exhibits desirable efficiency properties.
  firms in a perfectly competitive market ignore sunk costs.
  firms in long-run competitive equilibrium earn positive economic profits.
 

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