need help answering these questions. a. Make up a company that has a product in that market
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need help answering these questions.
a. Make up a company that has a product in that market and explain the features of that product and why it is profitable.
b. Draw the market diagram for that company.
c. Show that company earning profits.
d. Explain why that company's profits will only be temporary.
e. Explain how that company might regain its profits.
f. Explain why economists believe this market structure is inefficient.
g. What would happen if once your company was profitable, the government taxed 80 percent of your profits away (the government took your profits).
- h. What would happen if the cost of your labor goes up since labor is short and competing companies are bidding up the price of labor?
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