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August 27, 2014

Homework Help: Economics

Posted by mike on Tuesday, April 19, 2011 at 4:11pm.

In long-run equilibrium there will be no economic profit in a purely competitive static economy because:

1- barriers to entry will prevent profit from arising.

2-there will be no uncertainty, no innovations, and no monopoly.

3- there will be no need for professional managers and therefore no profit rewards will be needed.

4- the marginal revenue product of capital will be zero

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