Perfectly competitive firm in terms of costs also profits

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Reference no: EM1311768

Q1. Which of the following statements is NOT true regarding specialization in the real world economy?

Q2. In a certain economy in 2005, government purchases exceeded investment by $2,000; investment amounted to 1/6 of GDP; consumption amounted to 1/2 of GDP; also the economy's imports exceeded its exports by $500. It follows that GDP amounted to

Q3. Illustrate what is the difference among the short-run also the long-run for a perfectly competitive firm in terms of costs also profits? Elucidate why a perfectly competitive firm may continue to operate in the short-run even with a loss of profits.

Reference no: EM1311768

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