In perfectly competitive markets, firms in the market in the long-run, will earn zero economic profits.
<h3>What economic profits are earned in a perfectly competitive market?</h3>
In the short-run, there is a chance to earn a positive economic profit in a perfectly competitive market but this would then attract other companies into the market to make profits as well.
This then leads to the profits disappearing thanks to increased supply and lower prices. Companies would then leave and enter to either take advantage of profits or stop losses thereby keeping economic profits at zero in the long run.
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The kind of depreciation that the appraiser will apply in this case is called "functional obsolescence".
<h3>
What is "functional obsolescence"?</h3><h3 />
The kind of loss of value that is attributable to loss of appeal is what tis called Functional obsolescence depreciation method.
It can be curable or incurable. curable means that by giving the property a face life, it re-acquires value.
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Answer:
According to my own knowledge, I would say that the difference between a star and a comet is that the star is a thing that is like the sun, but a comet is something that Moves around the sun and travels.
Answer:
Focusing on your academic studies
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