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zimovet [89]
3 years ago
11

How do the entry and exit of firms in a purely competitive industry affect resource flows and long-run profits and losses?

Business
1 answer:
Irina18 [472]3 years ago
5 0

Answer:

The fact that in a purely competitive industry there are neither barriers to entry nor barriers to exit is what makes economic profit, in this type of industry, impossible in the long-run.

This is because when there is economic profit in the industry, firms are lured to enter, saturating the market, and lowering economic profit to zero in the process. When this happens, some firms opt out of the industry, bringing economic profit back to positive territory, causing the cycle to repeat itself.

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Conor broke his wrist while playing basketball in the backyard. He ended up in the hospital. After an X-ray, MRI, doctor visit a
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Answer:

$6,000

Explanation:

A deductible is the amount Conor has to pay before his medical bills and prescriptions start getting coverage from his insurance.

Step 1: 10,000 - 2,000 = 8,000

A co-pay is a fixed amount the insured has to pay for certain medical services.

Step 2: 20% of 8,000 or 0.20 times 8,000 = 1,600

Step 3: add $2,000 (the deductible you have to pay) and $1,600 (the co-pay)

Total amount that Conor will have to pay for the hospital: $3,600

3 0
4 years ago
In which statement(s) are "demand" and "quantity demanded" used correctly? (I) "An increase in the price of tea will reduce the
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Answer:

The correct answer is letter "A": in both statements I and II.

Explanation:

(I) According to the demand law, <em>if the price of tea increases the quantity demanded of tea will decrease</em>. If the price of tea decreases, the quantity demanded of tea will increase. Quantity demanded and the price has an inversely proportional relationship in the demand law.

(II) When talking about complementary goods like tea and sugar, <em>if the price of tea increases will result in a negative movement along the demand curve of tea and will cause the demand curve of sugar to move inwards. In such a scenario, the demand for each good will be reduced.</em>

8 0
3 years ago
Which work value is most likely to be important in a person's career choice?
matrenka [14]

Answer:

oD. being skilled at negotiating and bargaining with people

6 0
3 years ago
The Chicago Tribune's published article about BP led to Select one: a. an increase in BP's stock price b. protests c. the positi
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Answer:

B) Protests

Explanation:

5 0
3 years ago
A sale transaction closes on April 1, the ninety-first day of the tax year. The day of closing belongs to the seller. Real estat
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Answer:

$785.34

Explanation:

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We simply applied the proportionate method so that the approximate value could be arrived by taking all the information which is mentioned in the question.

3 0
3 years ago
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