WAEC - Economics (2024 - No. 21)
Firms in perfect competition break even in the long-run because
new firms can not enter the market due to copyright laws.
more firms can enter the industry due to attractive prof its.
marginal revenue is greater than marginal cost at all levels.
profits are not enough to repay traders' loans.
Explanation
A: In the long run, the market will be filled and no new entreats can come in the market has reached its equilibrium. thus it breaks even.
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