A student in a principles of economics course makes the following remark: The economic model of perfectly
Question:
The economic model of perfectly competitive markets is fine in theory but not very realistic. It predicts that in the long run, a firm in a perfectly competitive market will earn no profits. No firm in the real world would stay in business if it earned zero profits.
Briefly explain whether you agree with this remark.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
The remark is incorrect The student has con...View the full answer
Answered By
Shem Ongek
I am a professional who has the highest levels of self-motivation. Additionally, I am always angled at ensuring that my clients get the best of the quality work possible within the deadline. Additionally, I write high quality business papers, generate quality feedback with more focus being on the accounting analysis. I additionally have helped various students here in the past with their research papers which made them move from the C grade to an A-grade. You can trust me 100% with your work and for sure I will handle your papers as if it were my assignment. That is the kind of professionalism that I swore to operate within. I think when rating the quality of my work, 98% of the students I work for always come back with more work which therefore makes me to be just the right person to handle your paper.
4.80+
174+ Reviews
426+ Question Solved
Related Book For
Question Posted:
Students also viewed these Micro Economics questions
-
Briefly explain whether you agree with this statement: "Real GDP in 2014 was $16.1 trillion. This value is a large number. Therefore, economic growth must have been high during 2014."
-
Suppose that the following table is your record of exam grades in your Principles of Economics course: Use these data to make up a table of total, average, and marginal grades for the five exams....
-
The perfectly competitive model is not very useful for managers because very few markets in the U.S. economy are perfectly competitive." Do you agree with this statement? Explain. Regardless of...
-
Evaluate the limit using continuity. lim tan(x - y) (x,y) (2,3)
-
(Bond Issue) Donald Lennon is the president, founder, and majority owner of Wichita Medical Corporation, an emerging medical technology products company. Wichita is in dire need of additional capital...
-
Park Terrace Apartments LLC purchased a 110-unit apartment building in Austin, TX. The purchase price was $25,125,000.00. They are allocating 20% of the purchase price towards the value of the land. ...
-
What is dividend?
-
Greg Stock is attempting to monitor a filling process that has an overall average of 705 cc. The average range is 6 cc. If you use a sample size of 10, what are the upper and lower control limits for...
-
The following formula for k(t), describes the rate of change as the function of time (t):k(f) = 4e-1. What is the average rate of change between t 2 seconds and t = 5 seconds?
-
Listed below is a vertical analysis of selected information from the financial statements of five publicly traded Canadian companies: One of the companies included in the vertical analysis above...
-
According to an article in the Wall Street Journal, rapid growth in consumer demand for natural and organic food helped make the Whole Foods supermarket chain very profitable. But according to that...
-
Why are consumers so powerful in a market system?
-
The unemployment rate is an important measure of a countrys economic health. The unemployment rate measures the percentage of people who are looking for work and who are without jobs. Another way of...
-
Harold Haas owns 100 shares of Spartan Corp. common stock with an adjusted basis of \(\$ 10,000\). On July 28,2018 , he sold all 100 shares for \(\$ 9,000\). On August 18, 2018, he purchased 80...
-
A small country can import a good at a world price of 5 per unit. The domestic supply curve of the good is S = 10 + 10P. The demand curve is D = 600 - 5P. In addition, each unit of production yields...
-
If all colleges are private and the market for education is competitive, calculate the number of students, the tuition, and the deadweight loss. The marginal cost of educating a student is a constant...
-
In December 2019, Mr. Joe Jacobs cashed qualified Series EE U.S. Savings Bonds, which he had purchased in January 2012. The proceeds were used for his son's college education. All of the following...
-
All of the following fringe benefits can be excluded from the employees income except: a. Transportation up to $265 per month for combined commuter highway vehicle transportation and transit passes,...
-
A major Canadian retailer with stores only in large cities includes food items in some stores but not in others. Selling food requires refrigeration equipment, which considerably increases the...
-
Find the reduced echelon form of each of the matrices given in Problems 120. c 1 26 + 4
-
State whether each of the following events will result in a movement along the market demand curve for labor in electronics factories in China or whether it will cause the market demand curve for...
-
Uber, the ride-hailing service, increases the price of a ride when demand increases, as happens, for instance, on New Years Eve or during a snowstorm. An article in the New York Times discussed how...
-
In the Immigration Act of 1990, Congress established the H-1B visa program, intended to allow U.S. firms to hire foreign workers in areas such as the physical sciences, computer programing, and...
-
A farmer used to sell a carton of eggs for $2.50 each. At this price, the farmer used to sell an average of 2,500 cartons of eggs per month. When the farmer raised the price to $3.20, sales dropped...
-
You pay $32,000 today (t=0) and obtain (purchase) a 9 percent annuity (r=0.09) with 24 annual payments (you will receive 24 payments). The first payment on the annuity is made in two years (t = 2)....
-
The bank loan schedule for financing the new office requires $1,600 payment at the beginning of each month for 2 years, starting in 18 months later. However, interest on the bank loan still charges...
Study smarter with the SolutionInn App