The restaurant industry employed "13.1 million people" in the United States in 2010. Hoped I helped. :)
Answer:
IV
YES
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
economic profit includes the opportunity cost of funds
In some industries, only normal profit is earned in the short run. For example, in a perfect competition and monopolistic competition, only normal profit is earned in the long run due to free entry and exit of firms in the industry. thus if only normal profit would be earned, the company should still go ahead and establish
Answer:
The teacher taught under a tree because there were no school buildings.
Explanation: Plato
Answer:
The correct answer is option A.
Explanation:
Monopolistic competition refers to the market structure where there is a large number of buyers and sellers in the market. These sellers sell heterogeneous or differentiated products in the market.
The firms are price makers and face a downward-sloping demand curve. There is a high degree of competition in the market due to product differentiation. That is why there is little difficulty in an entry into the market.
Because of product differentiation, the firms advertise their products in order to gain market share. So the existing firms in the market compete in quality, price, and marketing.
