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Long run equilibrium - Perfect competition:
In the long-run, on the other hand, the firm in perfect competition is making normal profit or zero economic profit as shown in Figure below (total cost equal total revenue)
Figure: The Long-run Equilibrium Position of the Perfectly Competitive Firm.
The existence of positive economic profit in the short-run serves as an incentive for new firms to join the industry, especially since there are no barriers to entry. The process of new entry will persist until the profit of each firm in the industry is competed out. That is, excess supply and continuous downward review of price to the level where price (P) equals average total cost (LAC) will engender zero economic or normal profit in the long-run.
Unemployment: Unemployment refers to a situation where people who are willing and able to work do not find jobs at the existing wage rate.For a person to be referred to as une
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Why is it considered well to bring all BOP's to zero? If BOP of any country is zero, it reflects that the present account of that country has sufficient balance to meet the n
Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
Profit Margin A measure of organization performance, profit margins measure the percentage return an organization is earning over the cost of production of the items sold.
Q1 How many types of software organization? Explain each organization style with a suitable example? Q2 What are the factors that influence the group? Q3 Write short notes
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Does the curve represent if the risk is NOT taken and the line connecting two points on the curve represents if the risk IS taken?
Individual Demand Substitutes and Complements 1) The two goods are considered substitutes if an increase (decrease) in price of one lead to an increase (decrease) in quant
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