Quiz on Long-run Perfect Competition Assignment | College Homework Help

1.Why can’t perfect competitors make an above-normal profit in the long-run 2.What is the significance that profit maximization for the perfect competitor occurs where P = MC = MR = ATC? 3.Why don’t we have a perfectly competitive system? (go over each of the requirements for perfect competition and explain why that does not occur). 4. Which of the requirements do you think is the most important reason we don’t have a system of perfect competition? Explain. I expect one paragraph per question.