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4 years ago

In the long run, each firm in a competitive industry earns

Business

1 answer:

madam [21]4 years ago

5 0

Answer:

The correct answer is option B.

Explanation:

In a competitive industry there is no restriction on entry or exit of firms in the market. So, when in the short run the firms are enjoying super normal profits or positive economic profits, this would attract potential firms to join the industry in the long run.

As a result the industry supply will increase in the long run. The increase in supply would cause the price to fall. This would further contribute in reducing revenue and profit.

This process will continue till the profit is reduced to zero. If profit falls below zero, then firms incurring loss will exit the industry. Then again zero profits will be restored by reduction in supply and increase in price.

So, we can say that perfectly competitive firms will have zero economic profits or only normal profits in the long run.

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Suppose People's bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $

I am Lyosha [343]

The correct answer is 10.38%

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3 years ago

where cost is in dollars and time is in minutes. The cost of driving an automobile is $5.50 with a travel time of 21 minutes, wh

LenKa [72]

This question seems incomplete. Here is the detailed and complete question:

A work-mode-choice model is developed from data acquired in the field in order to determine the probabilities of individual travelers selecting various modes. the mode choices include automobile drive-alone (dl), automobile shared-ride (sr), and bus (b). the utility functions are estimated as follows: udl = 2.6 - 0.3(costdl) - 0.02(travel timedl) usr = 0.7 - 0.3(costsr) - 0.04(travel timesr) ub = -0.3(costb) - 0.01(travel timeb) where cost is in dollars and time is in minutes. the cost of driving an automobile is $5.50 with a travel time of 21 minutes, while the bus fare is $1.25 with a travel time of 27 minutes. how many people will use the shared-ride mode from a community of 4500 workers, assuming the shared-ride option always consists of three individuals sharing costs equally?

Answer: 828 workers will use the shared - ride mode.

Explanation: You can see the attached for a more detailed explanation.

7 0

3 years ago

Read 2 more answers

Think of an organization that you know relatively well and attempt to construct a mission statement in light of the components o

disa [49]

Answer:

C-STEM Lab services is the organisation of choice

Explanation:

Why?

This is because C-STEM Lab offers services that leads to soft-skill and self dependent development thereby leading to the eradication of the high level of illiteracy in the society.

Their distinctive component

Their distinctive component is to providing education technology tools and platform's to enhance quality outcome in teaching and learning.

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4 years ago

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Your grandfather started his own business 52 years ago. He opened an investment account at the end of his third month of busines

Yakvenalex [24]

Answer:

The answer is:D) $226.78

Explanation:

To calculate the amount of money your grandfather deposited every 3 months during 52 years to get $289,209.11 we can use an excel spreadsheet and the payment function =PMT(rate,nper,pv,fv)

where:

rate = 5.73% / 4 = 1.4325%
nper = 52 x 4 = 208
pv = 0
fv = 289,209.11

PMT = $226.78

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3 years ago

irinina [24]

It’s C. because it’s true

4 0

3 years ago