User Account

All Pages

Operate a perfectly competitive business

Assignment Help Business Management
Reference no: EM131581695

Question: "Why would anyone run a business if he couldn't make a profit?" This is a frequent response to economists' idea that all firms in a particular market make zero "economic profits."

a. In your own words, explain what economists mean by zero economic profits and why an entrepreneur would choose to operate a perfectly competitive business.

b. Explain why perfectly competitive firms are assumed to make zero economic profits in the long run.

Reference no: EM131581695

Questions Cloud

What common pitfalls should be avoided at all costs : What would happen if a person simply stated his or her hypothesis and then proceeded to gain an instrument and start working on his or her study? Explain.
Can stephens testimony be considered hearsay : Can Stephen's testimony be considered hearsay? Why or why not? Would the court allow Stephen's testimony? Why or why not?
Why did google make this move : Why did Google make this move? What do they hope to accomplish - Apply as many TCOs as you can to Google's attempt to buy into wireless.
Describe the documentation of the conclusions : List the different types of procedures used, and describe the documentation of the conclusions reached as a result of performing substantive procedures.
Operate a perfectly competitive business : "Why would anyone run a business if he couldn't make a profit?" This is a frequent response to economists' idea that all firms in a particular market make zero.
Compare the constitutions with the american constitution : Compare the Constitutions with the American Constitution. While comparing Constitutions, do focus on the rights of an individual and on the whole society.
What is the sunk cost : Suppose that you are halfway through a particular course and you decide that you are not learning anything useful and the rest of the course is not worth.
Describe what is meant by abc analysis : Describe what is meant by ABC analysis. What is the purpose of this inventory technique - provide an example. In your responses to other students
How much should stock price change in dollars and percentage : How much should the stock price change (in dollars and percentage)?

Reviews

Write a Review

Business Management Questions & Answers

  Question regarding the healthcare quality

Assume that you are a Quality Officer who is responsible for one of the state's largest healthcare organizations. You have been told that the quality of patient care has decreased, and you have been assigned a project that is geared toward increas..

  Techniques used to influence, and motivate internal publics

How does corporate culture affect an company's internal communications and determine some tools or techniques used to inform, influence, and motivate internal publics?

  Explain what would you say is a top product or service

Explain What would you say is a top product or service today and Explain why you see them as such and also why they are better than the competition.

  Challenges of technological development for businesses

What are the traits of social value organizations and how do they differ from other types of organizations? What are key areas that businesses need to look at when evaluating their performance? What are the benefits and challenges of technological de..

  Determine the profit-maximizing price

If the firms produce good X at a marginal cost of $7 per unit and the market elasticity of demand is -2, determine the profit-maximizing price.

  Kind of market entry strategy did they use

Give an example of a case where a New Zealand company attempted and failed to gain access to an overseas market. What kind of market entry strategy did they use?

  What other personality assessments may be important

Compare and contrast the Big Five Theory of Personality with Myers Briggs MBTI, Why is it important to understand personality types

  Determining the price elasticity of demand

Looking at the various products, services, and their price elasticity of demand, let's look at his situation: What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for ..

  Policy concerning affirmative action

Write a Policy concerning Affirmative Action and keeping in mind that you will have to make your policy agreeable to some degree to all factions.

  What could have been done better or more concisely

What are some particular things about this website that you admire? What could have been done better or more concisely? Could any of the information you see be better represented visually?

  First sexual harassment decision

In 1986, the Supreme Court issued its first sexual harassment decision. The case, Meritor Savings Bank v Vinson, provided employers

  Business communication effective leadersconsider the

business communication effective leadersconsider the following statement an effective leader is always in control of

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd