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krek1111 [17]
3 years ago
15

To maximize profit, a perfectly competitive firm:_____.

Business
1 answer:
dmitriy555 [2]3 years ago
3 0

Answer:

D

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.  

Profit is maximised where marginal cost equals marginal revenue.

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8 0
3 years ago
Read 2 more answers
Which of the following jobs is in the agriculture career cluster
Bezzdna [24]
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8 0
3 years ago
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As prepaid expenses expire with the passage of time, the correct adjusting entry will be a:
Nonamiya [84]

Answer:

d. debit to an expense account and a credit to an asset account.

Explanation:

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4 0
3 years ago
Which of the following should be included in an individual taxpayers federal gross income
Kobotan [32]

Answer:

I believe your wages, dividends, business income, capital gain, retirement distributions as well as other income should all be included in an individual  gross business income

Explanation:

Let me know if this helps!

8 0
2 years ago
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Answer:

The correct answer is D: $13

Explanation:

Giving the following information:

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