ECON University of California LA Perfectly Competitive Market Discussion
Question Description
What are the characteristics of a perfectly competitive market? Under what conditions will a firm continue to operate even if it sustains a loss in the short-run. Years ago Super Cuts opened lots of shops in Santa Clare County. They charged $7.50 for a hair cut. Before Super Cuts arrived, the average price for a hair cut was $20.00-$25.00. What was the economic impact on the barber industry?What happens to economic profit in the long-run?
After your initial post, respond to at least two of your classmates posts. Your initial post should be at least six complete sentences and your reply to your classmates’ posts should be at least three complete sentences.
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