Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 26, 2024

(a)Why are firms operating under perfectly competitive market said to be a 'price taker'?What impact does this have on the firm demand curve? (b)Firm operating

(a)Why are firms operating under perfectly competitive market said to be a 'price taker'?What impact does this have on the firm demand curve?

(b)"Firm operating under perfect competition can only earn zero economic profit in the long run" Discuss this statement.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Economics

Authors: Robert H. Frank, Ben Bernanke Professor, Kate Antonovics, Ori Heffetz

6th Edition

0078021855, 9780078021855

More Books

Students also viewed these Economics questions

Question

★★★★★

At December 31, 2013, Chai Inc. had a deferred tax asset of $40,000. At December 31, 2014, the deferred tax asset is $62,000. The corporation's 2014 current tax expense is $70,000. What amount should...

Answered: 1 week ago

Question

★★★★★

When Donovan (1968) reported that the UK had two approaches to bargaining, informal and formal, what do you think he meant?

Answered: 1 week ago

Question

★★★★★

How do sleep patterns and the effects of sleep deprivation change with age?

Answered: 1 week ago

Question

★★★★★

Brent, Matt, Chris, Brad, and Anwer are five unrelated shareholders who each own 20 of the 100 outstanding shares of Aggie Corporation. On June 30 of this year, Aggie distributed $100,000 in cash to...

Answered: 1 week ago

Question

★★★★★

Which of the following examples best illustrates the concept of materiality? Select all that apply. 1- As Tyler is reviewing his business financial information at the end of the year, he realizes...

Answered: 1 week ago

Question

★★★★★

when additional shares of stock are issued, the earnings per share decreases (assuming no change in total earnings, explain how this occurs and what the impact on a firm's decision to raise capital...

Answered: 1 week ago

Question

★★★★★

Exercise 14-36 (Algo) Comparing Business Units Using Economic Value Added (EVA) (LO 14-4) Lauderdale Corporation is organized in three geographical divisions (regions) with managers responsible for...

Answered: 1 week ago

Question

★★★★★

make a copy of Capstone project (task_manager.py) and save it in the Dropbox folder for this project. Also, copy and paste the text files (user.txt and tasks.txt) that accompanied the previous...

Answered: 1 week ago

Question

★★★★★

1. You have been asked to review the valuation of Santiago Cement, a small Peruvian cement company, by an M&A analyst, for acquisition by a US cement company. The analyst has estimated a value of 1...

Answered: 1 week ago

Question

★★★★★

An owner investment of a building, valued at $100,000 with an $80,000 outstanding mortgage, transferring this asset into the business would O A. increase shareholders' equity by $20,000 OB. increase...

Answered: 1 week ago

Question

★★★★★

Politics ____ a set of activities performed in every country. is are A and B some other option

Answered: 1 week ago

Question

★★★★★

(4 pts) Gravitational Acceleration: Setup h (mm) 2R 2L 3R 3L D (m) Slope ( 6Slope ( g (#) g (#) (5 pts for each graph) Include your SciDAVis graphs in your answer document. (You should have 5: One...

Answered: 1 week ago

Question

★★★★★

4. Set up at least one work role that is important for you to master. Reflect on how you can use your time more efficiently, not necessarily spend more time, to perform better in this work role.

Answered: 1 week ago

Question

★★★★★

3. List four goals that are important to you. Then set up the roles that correspond to these goals. How will you shape your personal vision as a result of your goals and roles?

Answered: 1 week ago

Question

★★★★★

1. What does this mean for me?

Answered: 1 week ago

Previous Question Next Question