Why the firms economic profit will be eliminated

Reference no: EM13765818

1. Why is the Perpetrators and Victims, and what does it have to do with the work of Ronald Coase?

2. Robert Frank outlines an argument using rank and pay, which he believes counters the argument of Libertarians that your earned income is your property and should not be taxed (confiscated) by the government. What is that argument and do you agree or disagree with the argument? Why?

3. Using a market model, supply and demand diagram, and a model of a firm in perfect competition in the long run, please explain why a firm in this type of competitive environment will be limited to earning a normal profit in the long-run.

1969_Economic profit.png

a. Initially the firm should be earning an economic profit

b. Explain why in perfect competition why the firms economic profit will be eliminated

c. Use the model below as your starting point and be sure to label all axes and functions (lines):

Reference no: EM13765818

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