Perfect Competition (Long Run) I 60 Second Economics
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Perfect Competition (Long Run) I 60 Second Economics
What happens to supernormal profits in a perfectly competitive market — and why do they never last? In this 60 Second Economics, Geoff explains the long-run equilibrium of perfect competition, where free entry and exit make the market fully self-correcting. #PerfectCompetition #MarketStructures #NormalProfit
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