"there is no incentive for firms to enter or exit the industry in the long" run when

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15-06-2018
Business

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"there is no incentive for firms to enter or exit the industry in the long" run when

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MrsTriplet MrsTriplet · Answer 1 · 2018-06-24T18:37:58+02:00

MrsTriplet MrsTriplet

24-06-2018

There is no incentive for firms to enter or exit the industry in the long run when there is a competitive equilibrium or perfect competition. Perfect competition is when the market price of an item is controlled by the buyers and the sellers. There are tons of people wanting to buy and selling similar products and the are all equally fighting for the same target market.

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