Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit in...

Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit in the long-run. (16)

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Rahul Sunny answered 2 years ago

4.2 Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit...

4.2 Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit in the long-run. 4.3 Explain SEVEN (7) conditions necessary for a perfectly competitive market to exist.

Please explain the following: a) Explain using properly labelled diagrams, why a perfectly competitive firm will...

Please explain the following: a) Explain using properly labelled diagrams, why a perfectly competitive firm will earn only normal profit in the long -run b) Explain SEVEN (7) conditions necessary for a perfectly competitive market to exist. please provide references

explain fully why perfectly competitive and monopolistically compwtitive firms must earn only normal profita in long-run...

explain fully why perfectly competitive and monopolistically compwtitive firms must earn only normal profita in long-run equilibrium but monoploiws can earn either normal profita or economic profits in long-run equilibrium. (one page)

At what level of output is profit maximized for a perfectly competitive firm? Why will the...

At what level of output is profit maximized for a perfectly competitive firm? Why will the firm not produce this level of output? Explain

Using the definition and characteristics of perfectly competitive industries, explain why—in the long run—firms earn zero...

Using the definition and characteristics of perfectly competitive industries, explain why—in the long run—firms earn zero economic profits. Does this mean that competitive firms earn zero accounting profits? Your response should be at least 75–150 words (1–2 paragraphs) in length.

Define and explain the tenets of the perfectly competitive economic model. Explain, and show using diagrams...

Define and explain the tenets of the perfectly competitive economic model. Explain, and show using diagrams and labels, why economists argue that competition between producers in markets to supply goods and services, and competition between consumers in markets to buy goods and services, with some conditions applying, will allocate scarce resources efficiently in the economy. Under what conditions, and why, do markets fail. Give examples of market failure, and why these occur, where markets do not provide the amount of...

Explain why the firms in a perfectly competitive industry will earn zero economic profits in the...

Explain why the firms in a perfectly competitive industry will earn zero economic profits in the long run. I need the answer in 1 hour, please?

1. Using diagrams, illustrate how the price (P) and the demand (d) for a perfectly-competitive firm...

1. Using diagrams, illustrate how the price (P) and the demand (d) for a perfectly-competitive firm are determined. 2. Using a diagram, show how the perfectly-competitive firm determines its profit-maximizing output. 3. Differentiate between productive efficiency and allocative efficiency.

a) Explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly...

a) Explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly elastic (i.e., horizontal at the going market price). b) The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows: TC = 500,000 + 0.85Q + 0.015Q 2 Q = 14,166 - 16.6P Determine the short-run profit-maximizing price. c) Explain why the...

In the long-run equilibrium, all firms in a perfectly competitive market earn zero economic profit. Explain...

In the long-run equilibrium, all firms in a perfectly competitive market earn zero economic profit. Explain why this is true using intuition and graphs.

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