The field of economics is so vast and broad that it is often classified into branches and one of which are the positive and normative economics. Positive economics usually refers to the process and methods of explaining a certain economic phenomenon in which it establishes common relationships among variables present.
In the long run, perfectly competitive firms will react to profits by increasing production.
Firms in a perfectly competitive world earn zero profit in the long run. While firms can earn accounting profits in the long run, they cannot earn economic profits.
In the long run, perfectly competitive firms will react to profits by decreasing production. CORRECT: In the long run, perfectly competitive firms will respond to losses by exiting the market. In the long run, perfectly competitive firms will respond to losses by reducing production.
A perfectly competitive market achieves long‐run equilibrium when all firms are earning zero economic profits and when the number of firms in the market is not changing.
In the long run, profits and losses are eliminated because an infinite number of firms are producing infinitely divisible, homogeneous products. Firms experience no barriers to entry and all consumers have perfect information.
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The curve that shows the relationship between the sales price and quantity sold is called the: demand curve.
The call for a demand curve is a graphical representation of the relationship between the price of an excellent or carrier and the quantity demanded for a given time frame. In a standard representation, the rate will seem on the left vertical axis, the amount demanded on the horizontal axis.
A demand curve is a graph that shows the amount demanded at every rate. every now and then the demand curve is likewise referred to as a demanding agenda because it is a graphical illustration of the call for schedules.
The demand curve can be a critical device to apply while corporations make pricing decisions. this is because the call for a curve can show the price point where the purchaser responsiveness drops, as well as the fee point that elicits the very best demand.
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What was robert jacobs and richard chase (2018). operations and supply chain management, 16th edition; (COMPLETE QUESTION)
With a light emphasis on quantitative coverage, Operations and Supply Chain Management, 16e covers the full spectrum of Operations Management and Supply Chain. It offers pertinent and up-to-date Operations Management topics with an emphasis on economics and the global economy, analytics content that uses math models to link decisions to pertinent data, and proper problem-solving techniques.
This sixteenth edition gives students a set of more practical skills and tools as well as examples of what businesses are doing to gain a competitive advantage in the market. Reducing the cost of supply chain processes, integrating and collaborating with customers and suppliers, sustainability, and lowering the long-term cost of products and processes are all current business hot themes that pertain to operations and supply chain management.
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Answer:
I believe this would be D
Explanation:
I say that it is D because it is asking about what they would do under certain circumstances and or situations to see what they would say
