Answer:
C. increase in the short-run but fall to zero in the long-run
Explanation:
A perfectly competitive industry is characterised by many buyers and sellers of homogenous goods and services.
There are no barriers to entry or exit of firms. Firms are price takers. Market prices are set by the forces of demand and supply.
As a result of increase in demand, more quantities of the vitamins would be bought and producers profit would increase in the short run. Because, there are no barriers to entry or exit of firms, new firms would enter into the industry in the long run, driving economic profits to zero.
Due to no barriers to entry or exit of firms, in the long run, firms in a perfect competition earn zero economic profit.
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Answer:
Assuming factors other than those being considered In a particular analysis do not change
Explanation:
ceteris paribus means all other things remaining equal. It means other factors other than those being considered In a particular analysis do not change.
For example, according to the law of supply, all other things remaining equal, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.
It is expected that the higher the price, the higher the quantity that would be supplied as suppliers would want to maximise profit. This is assuming that other factors apart from price don't change. Now assume that the government place a limit on the amount of a good that can be produced. If the limit is exceeded, erring firms can face jail time. Once this limit is exceeded, no matter the price increase, the quantity supplied would not rise.
The sum of money that could be created if an economic resource was used in a different way describe opportunity cost implication to agriculture production.
<h3>What is opportunity cost?</h3>
Opportunity cost is the forgotten element that is not chosen by the person, which can drive the benefits to the person. To calculate the opportunity cost, every alternative must be evaluated to find out the best alternative.
Thus, The sum of money that could be created if an economic resource
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To determine the margin that is generated from the sales of the baseball bat and the gloves, we simply have to multiply the amount with the decimal equivalents of the given percentages.
baseball bats:
Margin = ($1,500)(0.30) = $450
baseball gloves:
Margin = ($1,200)(0.40) = $480
From the calculated values, the sales from the baseball gloves gave a greater margin.
Answer: baseball gloves
3.59.
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Explanation