Chill/Sleep mode... I think errr
Answer:
<h3>⭐Programmes that will lessen poverty in the long term include: education and capacity development, land redistribution, promoting economic development and job creation, building houses, providing water, sanitation and electricity, and building schools and clinics.</h3>
Answer:
B. the longrun profit would be negative.
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A firm would shut down in the short run if price is less than average variable cost and exit if it is making a loss
Answer:
Downward sloping; horizontal line; demand; large number of competitors
Explanation:
A monopoly is a market structure where there is only a single firm in the market. This firm is a price maker. It can charge whatever price it wants, but the consumers will demand more at a lower price.
That is why the demand curve of a monopoly is downward sloping and the same as the market demand curve.
A perfectly competitive market refers to the market structure where there is a large number of buyers and sellers. These firms are price takers. They face a horizontal line demand curve. This is because of a large number of competitors producing homogenous products. So if a firm raises its prices the consumers will move to the firm at a lower price.
The market demand curve though is downward sloping.
