Answer:
(i)New firms will enter the market.
(iii)In the long run, all firms will be producing at their efficient scale
Explanation:
A perfect competition is characterised by many buyers and sellers of homogenous goods and services. Market price is set by the forces of demand and supply.
If firms are earning positive profits, in the long run new firms would enter into the industry and this woold drive positive profits to zero. As a result , firms would be operating at the efficient scale.
I hope my answer helps you
Answer:
C) $4,000
Explanation:
To calculate economic profit we can use the following formula:
economic profit = total revenue - (accounting costs + implicit costs) = (total revenue - accounting cost) - implicit costs
where:
- accounting profit = total revenue - accounting cost = $50,000
- implicit costs: ($20,000 x 5%) + $45,000 = $1,000 + $45,000 = $46,000
economic profit = $50,000 - $46,000 = $4,000
Answer:
Luca Pacioli
Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.
Other things equal, the demand for a good tends to be more inelastic A) the fewer the available substitutes.
Inelastic merchandise is usually necessities without applicable substitutes. The maximum commonplace goods with an inelastic call for are utilities, pharmaceuticals, and tobacco products. companies imparting such merchandise hold greater flexibility with prices because demand stays constant even if fees boom or decrease.
Inelastic is a monetary term regarding the static amount of a terrific or service while its price adjustments. The inelastic manner that when the rate goes up, customers' shopping for habits live about the same, and when the rate goes down, consumers' shopping for conduct additionally remains unchanged.
An elastic call for is one in which the exchange in quantity is demanded because of exchange in rate is huge. An inelastic call is one in which the change in the amount demanded due to an alternate in charge is small.
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Answer:
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