d. What are the shut-down rules for competitive firms in the short-run? Which one of them...

d. What are the shut-down rules for competitive firms in the short-run? Which one of them recommends temporary shut-down like re-organization and which recommends permanent exit. Why?

e. State the profit-maximizing conditions (rules) under perfect competition in the long-run.

f. What does perfect competition suggest about market efficiency? What about market fairness, equality, social justice, and all other social goals?

a. State the profit-maximizing conditions (rules) under perfect competition in the short-run.

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Expert Solution

Rahul Sunny answered 1 year ago

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