One assumption of the perfectly competitive model is free entry and exit. this assumption most directly leads to the implication that positive economic profit is only possible in the short run.
Profit is the difference between the return an economic agent earns from its output and the opportunity cost of its input. It equals total revenue minus total costs (including explicit and implicit costs).
Economic profit or loss is the difference between the revenue from the sale of output and the cost and opportunity cost of all inputs used. Opportunity cost and explicit cost are subtracted from earned revenue when calculating economic profit.
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Answer:
The answer is south pacific
Explanation: I did the quiz
Answer:
A. interest in a product and the price a consumer pays.
Explanation:
<span>Prince
Shotoku Taishi (574 to 622) of Yamato era acclaimed the throne after the rule
of Empress Suiko and is said to be a member of the imperial clan. In his reign,
he had institutionalized new constitution basing on the Chinese model in which
they have adopted its calendar, religious practice in Confucianism and Taoism
and spread Buddhism across Japan. China has also greatly influenced its ethics
and philosophy. The Seventeen-Article Constitution has established political
rules such as fair trials and officials obeying the reign of the monarch.</span>
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