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As competition drives prices down in a perfectly competitive market, will reach a point that allows suppliers to just cover costs.
As competition drives prices down in a perfectly competitive market, will reach a point that allows suppliers to just cover costs.
Answer
Once Equilibrium is reached then there is little or no profit.
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Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017
This 42 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 174 views.