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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Answer:
A
Explanation:
.............................
According to Hooke's law, a 30-N force stretches a spring by 0.73 m if the spring constant k is such that
30 N = k (0.73 m)
k = (30 N) / (0.73 m)
k ≈ 4.1 N/m
Suppose that both firms start off not advertising. If firms act independently, what strategies will they end up choosing (option B) - Both firms will advertise)
<h3>What is an advert?</h3>
An advert is a mass or public media message with is designed to convince people to but into a product, service or an idea.
Hence, it is correct to state rival firms will end up advertising.
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Full Question:
Suppose that both firms start off not advertising. If firms act independently, what strategies will they end up choosing?
A) fizzo will choose not to advertise and Pop Hop will choose to advertise.
B) Both firms will advertise
C) Both firms will choose NOT to advertise
D) Fizzo will chose to advertise and Pop will choosenot to advertise.
Answer:
8•2•9.70=155.20
Explanation:
8 for 8 hours per shift
multiplied by 2 because she works 2 shifts per week
multiplied by what she makes for a single hour, 9.70.