Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".
<h3>What is perfectly competitive market?</h3>
According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.
There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -
- homogenous items,
- no entry or exit obstacles,
- price taker sellers,
- transparent products, and
- no seller has any control over market prices.
The three key components of perfect competition are as follows:
- There are a lot of buyers and sellers in the market.
- These buyers and sellers are in competition with one another.
- The good being offered or purchased is uniform.
- Companies are free to enter or leave the market.
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Answer:
Of course she has, Roslyn stole Organic Cornucopia's trade secrets. She is specifically contacting their vendors and customers.
Even though you cannot register a list of vendors or customers, they are considered trade secrets that must not be given away or used against the company by their employees or former employees in this case. Even if Roslyn's contract with Organic Cornucopia didn't include a trade secrets clause, it is reasonable that employees cannot act against the company using them and she was very direct, there are no excuses here.
Answer:
At the long run equilibrium price, the firm produce the level of output, where the price equals minimum average total cost
P=min ATC
At the long run equilibrium , the price is $100 per unit.
Explanation:
The value that is added to production from his employment is included only in the United States GDP
Explanation:
The value that is added is included only in the United States and Gross Domestic Product is the value of all the finished goods that is produced within the country during the specific period of time
There are many ways to calculate the GDP by the expenditure method the production method or the income method this is used to predict the economy of the country and provides a snapshot of the economic growth. In this case the value added to the production goes to the United States gross domestic product
