Explain the absence of economic profit in a purely competitive, static economy. Realizing that the major function

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Explain the absence of economic profit in a purely competitive, static economy. Realizing that the major function of profit is to allocate resources according to consumer preferences, describe the allocation of resources in such an economy.

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Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Question Posted: May 23, 2013 07:48 AM

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Explain the absence of economic profit in a purely competitive, static economy. Realizing that the major function

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A static economy is changeless everything is constant T...View the full answer

Economics

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