FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Economists view a perfectly competitive market structure as the ideal structure for economic efficiency. One reason is perfectly competitive firms cannot maintain long-run economic profits.

Economists view a perfectly competitive market structure as the ideal structure for economic efficiency. One reason is perfectly competitive firms cannot maintain long-run economic profits. Describe economic efficiency and discuss how the inability to maintain long-run economic profits leads to economic efficiency. Please read question carefully before answering, thanks.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

International Management Culture, Strategy and Behavior

International Management Culture, Strategy and Behavior

Authors: Fred Luthans, Jonathan Doh

10th edition

1259705072, 1259705076, 978-1259705076

More Books

Students also viewed these Economics questions

Question

★★★★★
List 1 has 13 terms from this chapter, Chapter 1, or Chapter 3; List 2 contains 10 definitions or explanations of terms. Match the definitions with the terms by placing a capital letter from list 1...

Answered: 1 week ago

Question

★★★★★
11.44 An employer has found that factory workers who are with the company longer tend to invest more in a company investment program per year than workers who have less time with the company. The...

Answered: 1 week ago

Question

★★★★★
In each of the scenarios below, determine whether or not the observed sample provides sufficient evidence for rejecting the null hypothesis. (a) ???? = 0.05 and ???? = 0.003. (b) ???? = 0.02 and ????...

Answered: 1 week ago

Question

★★★★★
The following monthly data are taken from Nunez Company at July 31: Sales salaries, $120,000; Office salaries, $60,000; Federal income taxes withheld, $45,000; State income taxes withheld, $10,000;...

Answered: 1 week ago

Question

★★★★★
Problem 8 (18 marks) Other information: Bellerose Used Cars Ltd. is planning its cash needs for the month of January, 2023. The 8. Interest is paid monthly on opening balances of the operating loan...

Answered: 1 week ago

Question

★★★★★
Picture The composition of functions f(x) and g(x) is given by f (g (x)) =2e25 - 5e" +1 Which of the following could be a correct definition of f(x) and g(x)? Oa f(x) = ez. g (x) = 2x-- 5x+ 1 Ob f...

Answered: 1 week ago

Question

★★★★★
A company named Contoso, Ltd. is migrating its legacy PBX system to Microsoft Teams Phone. As a Microsoft Teams administrator you want a single provider for Teams Phone and the PSTN carrier. What...

Answered: 1 week ago

Question

★★★★★
1.) On May 22, 2010, Nicanor bought house and lot valued at Php 10,000,000 paying 20% down-payment with the balance payable in 10 years. On September 30, 2019, Nicanor died. The fair market value at...

Answered: 1 week ago

Question

★★★★★
Tasks: 1. Using the above provided IP address and your learnings from class, configure the topology. 2. Please retain the interface names and IP addresses for network namespaces as shown in topology....

Answered: 1 week ago

Question

★★★★★
For a picnic, Julie brings a cylindrical cooler jug filled with cold lemonade. She also brings paper cone cups in which to serve the lemonade. 30 cm 50 cm 6 cm 10 cm Given the dimensions of the jug...

Answered: 1 week ago

Question

★★★★★
1 . 1 . From the RedPharm data, determine: a . . The average number of customer arrivals for each hour Time Block Average per Time Block 7:00-8:00 11.87 8:00-9:00 11.96 9:00-10:00 12.27 10:00-11:00...

Answered: 1 week ago

Question

★★★★★
Materials Variances Torres Company produces fruit juices, sold in litres. Recently, the company adopted the following material standard for one litre of its fruit juice: Direct materials (128 grams @...

Answered: 1 week ago

Question

★★★★★
2. Using a communication conflict you have been involved in, or a problem or phenomenon that you are familiar with, provide answers for a)d). a) Find the critical elements that existed (exist) as you...

Answered: 1 week ago

Question

★★★★★
5. What is meant by the statement, when we attribute a different meaning to a situation, the situation will consequentially change for us?

Answered: 1 week ago

Question

★★★★★
10. Using a conflict in your local community as your starting point, discuss how conflicts can be resolved using the following strategies: a) Making the cake bigger b) Providing compensation that is...

Answered: 1 week ago

Previous Question Next Question