A certain brand of vacuum cleaners can be purchased from several local stores as well as from
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a) If all sellers charge the same price for the vacuum cleaner, will they all earn zero economic profit in the long run?
b) If all sellers charge the same price and one local seller owns the building in which he does business, paying no rent, is this seller earning a positive economic profit?
c) Does the seller who pays no rent have an incentive to lower the price that he charges for the vacuum cleaner?
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a Yes all earn zero economic profit in the long run If economic profit were greater than zero for sa...View the full answer
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