A profit-maximizing perfectly competitive industry will be ______________ in the short run.

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09-11-2022
Business

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A profit-maximizing perfectly competitive industry will be ______________ in the short run.

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tutorconsortium116 tutorconsortium116 · Answer 1 · 2022-11-14T02:39:36-05:00

A completely competitive sector that maximizes profits will immediately sell in large volumes in the short run.

Explain about the perfectly competitive industry?

The following conditions are considered to be present for a firm to be in ideal competition: Numerous businesses produce the same goods. Both buyers and sellers can find the goods which is accessible for purchase.

Perfect competition is characterized by three key factors: (1) the absence of any significant market dominance; (2) standardisation of industry output; and (3) freedom of entry and exit. If there is perfect competition, the efficient market equilibrium occurs when marginal revenue and marginal cost are equal.

There is no such thing as an ideal market. There is more rivalry in some markets than others. There isn't a single instance of a market in the real world that displays perfect competition.

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