Which of the following is NOT necessarily true in short run for a perfectly competitive market?...
Which of the following is NOT necessarily true in short run for a perfectly competitive market?
Consumers know all prices charged by all firms.
Firms can not freely enter the market in the short run.
Firms can freely exit the market in the short run and avoid all costs.
All firms produce an identical product.
Homework Answers
The correct option is Firms can not freely enter the market in the short run.
Due to perfect information, Consumers know all prices charged by all firms. There can be free entry and exit of firms. All firm produce identical products. Hence all other options are true in short-run except f.irms can not freely enter the market in the short run.
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