Frictional unemployment is the result of voluntary employment transitions within an economy.
The assumption in perfect competition that there is an easy entry and exit from the market implies that firms will make a zero economic profit in the long run.
<h3>Why do firms make a zero economic profit?</h3>
In a pure competition, companies are allowed to freely enter and leave.
They take advantage of this to enter a market when prices are high and economic profit is being made.
As more firms enter, the economic profit keeps decreasing as prices decrease until this profit gets to zero and then turns to economic losses.
At this point, some firms will leave the market to stop making losses. When they do, the supply will decrease which leads to prices rising once more.
The cycle will then repeat itself and keep the companies at a zero economic profit in the long run.
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Answer:
(B) $0.50
Explanation:
The total cost is a function of the number of maps sold and the number of books sold. To determine the cost of each, a set of equations have to be solved simultaneously.
Let the cost of a map be m and that of a book be b
12m + 10b = 38
20m + 15b = 60
6m + 5b = 19
4m/3 + b = 4, b = 4 - 4m/3
6m + 20 - 20m/3 = 19
2m/3 = 1
m = 3/2 = 1.50
b = 4 - 4m/3
b = 4 - 2 = 2
The cost of a book is $2 while that of a map is $1.50
Hence a map sell for $0.50 less than a book.
<u>Monopoly:</u> There is a single seller in the market
<u>Oligopoly:</u> every company in this market structure is aware of the actions of the other companies (oligopolies are a small number of companies controlling the markets- there are elements of collusion in this structure because the firms work together to control prices and the market)
<u>Perfect Competition:</u> There are no barriers to entry (lots and lots of competing companies that each have a small share of the market)
<u>Collusion:</u> 3 companies secretly enter into a price agreement (this is illegal in many cases)
When property taxes are too high, the citizens can contact their local county assessor.
A local county assessor is a person that values the price of price of taxes or property taxes. He/she has the power to determine the amount of property taxes that individuals in a town will pay as tax for their property.
When individuals feel that a pay very high amount of amount of money as property tax, they should immediately contact the local county assessor to lay their complaint.
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