Explain why some business owners find profitable to operate a business without improving or fixing the facility.Give and example of such business, and explain the rationale behind the business behavior using the concepts below:

• Know the names and the main characteristics of the four basic market models.
• List the conditions required for perfectly competitive markets.
• Explain how demand is seen by a perfectly competitive seller.
• Understand how firms in perfect competition maximize profits or minimize losses in the short run.
• Explain how perfectly competitive firms can use the marginal-revenue-marginal-cost approach to maximize profits or minimize losses in the short run.
• Explain why a competitive firm's marginal cost curve is the same as its supply.