11. When a firm earns more than enough revenue to pay all of the costs, including the...
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11. When a firm earns more than enough revenue to pay all of the costs, including the opportunity costs of owners and/or investors, then we can expect others to . Ifit isrelativelyeasyforothers to enter a business and begin competing with the profitable firm, then we know that economic profit will be driven to bycompetition.If the profitable firm has or does something that cre ates the profit that others cannot easily mimic, then economic profit will be .Only when that special something can be mimicked or replaced will economic profit be driven to
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Fundamentals Of Economics
ISBN: 9781133956105,9781285531847
6th Edition
Authors: William Boyes, Michael Melvin
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