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QUESTION
Economists assume that profit-maximizing firms operate in perfectly competitive markets.
- Economists assume that profit-maximizing firms operate in perfectly competitive markets. However, this assumption does not hold in today's global market, as there are many reasons why markets are not perfectly competitive.What output strategies might U.S. companies implement to remain profitable when competing with international companies?
- How do market demand, costs, pricing, and competition impact these output strategies?
