In perfectly competitive markets, firms in the market in the long-run, will earn zero economic profits.
<h3>What economic profits are earned in a perfectly competitive market?</h3>
In the short-run, there is a chance to earn a positive economic profit in a perfectly competitive market but this would then attract other companies into the market to make profits as well.
This then leads to the profits disappearing thanks to increased supply and lower prices. Companies would then leave and enter to either take advantage of profits or stop losses thereby keeping economic profits at zero in the long run.
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The correct answer is A. X<3
Please let me know if is right.
Answer:
After a new medication or device has been studied successfully in ... Consider some sample questions to discuss during this lesson: ... Define medicalization and de-medicalization
P = 2x+2(450-x)=900
A = x(450 - x)
A = x(450 - x)
-x² + 450x = A
-x² +450x = A
A is going to be maximum, when x is a vertex.
-(x² - 450x) = A
-(x² - 2*225x+225²) - 225² =A
-(x-225)² -225² = A
Vertex when x=225
Largest are 225(450-225) = 225² = 50625 ft²
The square has a largest area.