Question

profit maximizing firms in competitive industries with free entry and exit face a price equal to the lowest possible

Answer 1

profit The lowest possible ATC is achieved by maximizing businesses in highly competitive industries with no barriers to entry.

Which two industries are fiercely competitive?

When there are numerous vendors selling a comparable or homogeneous good, there is intense competition between businesses in that industry. Agriculture and farming, as well as fishing, are two highly competitive businesses.

Who are the businesses that are rivals?

Any individual, organization, partnership, joint venture, or other commercial entity that conducts any aspect of the Company's operations in opposition to the Company is referred to as a competitive company.

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