How a perfect competitor maximizes its profit

Reference no: EM13684694

Describe in your own words how a perfect competitor maximizes its profit, and why its profit is zero in the long run?

Reference no: EM13684694

Questions Cloud

Policies that affect the supply of output in the economy : Policies that affect the supply of output in the economy as a whole are:

The crucial factor in the classical growth model : The crucial factor in the Classical Growth Model is the:

If increasing returns to scale exist : If increasing returns to scale exist, then an increase in all inputs of five percent should:

Main element typically included in to make cost analysis : Which of the following is a main element typically included in a "to make" cost analysis?

How a perfect competitor maximizes its profit : Describe in your own words how a perfect competitor maximizes its profit, and why its profit is zero in the long run?

Suppose the money market is in equilibrium : Suppose the money market is in equilibrium. The Federal Reserve Bank has decided to purchase Treasury bills in an open market operation. The result of this action will be a (n) _____ in the interest rate as the money _____ shifts _____.

Order to minimize costs of producing given level of output : If the price of labor decreases, in order to minimize the costs of producing a given level of output, the firm manager should use:

What was the most eye opening information : What was the most "eye opening" information you learned about droughts? Why did you find it so interesting?

Reduce the ups and downs of the business cycle : Are changes in discretionary and fiscal policy likely to be instituted in a manner that will reduce the ups and downs of the business cycle? Why or why not?

User Account

All Pages