Explain whether or not a firm in perfect competition earning abnormal profits is productively and allocatively efficient.
Question:
Explain whether or not a firm in perfect competition earning abnormal profits is productively and allocatively efficient.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
ANSWER In a perfectly competitive market the conditions of allocative and productive efficiency are met in the long run regardless of whether a firm i...View the full answer
Answered By
Ryan Jones
I'm an accomplished professional with experience in the realms of public service, the private sector, and education. I've served in the U.S. Peace Corps, have a Masters degree, written a book, recorded a small album, traveled the world and played drums in a slew of rock bands.
With regards to my professional experience, I have always striven to complete the tasks assigned to me in a punctual, competent, and efficient manner. I am eager to take on new projects and thrive in autonomous roles.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Explain whether or not a firm in monopolistic competition earning normal profits is productively and allocatively efficient.
-
1. Explain why a firm in perfect competition is a "price-taker". 2. Draw the following diagrams. Be sure to use a ruler and to include accurate labels for the axes. Also, be sure that your MC curves...
-
Advertising as Quality Signal: In the text, we have discussed two possible motives for advertising, one focused on providing information (about the availability of goods or the prices of goods) and...
-
a. Show that if the position x of a moving point is given by a quadratic function of t, x = At 2 + Bt + C, then the average velocity over any time interval [t 1 , t 2 ] is equal to the instantaneous...
-
Prove that any algorithm that finds an element X in a sorted list of N elements requires (logN) comparisons.
-
How can the professional accounting bodies assist in standard setting?
-
Explain the reason why it is convenient to represent the bicubic spline in the form \[\operatorname{spline}(K, T)=\sum_{i=1}^{p} \sum_{j=1}^{q} c_{i j} M_{i}(K) N_{j}(T)\] where \(M_{i}(K), i=1,...
-
The United Kingdom started regulating the size of grocery stores in the early 1990s, and today the average size of a typical U. K. grocery store is roughly half the size of a typical U. S. store and...
-
A car travels 55 m [E 50 S] before turning and traveling 30 m [E] then traveling 40 m [W 30 S]. The trip takes 70 seconds. a. What is the distance and displacement? b. What is the velocity (net) and...
-
Explain the characteristics of a monopolistically competitive market.
-
Explain how it is impossible for a firm in perfect competition to earn abnormal profits in the long run.
-
What financial information could Clarke Partners use to understand its new client, Dolphin? Explain how it would be useful. Dolphin Surf & Leisure Holidays Pty Ltd (Dolphin) is a resort company based...
-
1. Describe one of these three experiments mentioned by Thaler: the cashews, the Professor and his wine, OR the tickets to the game during the snow storm. Who didn't act "rationally" in that scenario...
-
In the context of s ocial policies implemented in Canada to mitigate the impact of the pandemic , would you agree or disagree that these policies are more favorable to women? (Please refer to the...
-
Discuss urban labor markets using a supply and demand framework (always state any assumptions) and include a list and discussion of each of the determining factors for each. Define and discuss the...
-
In 2016 Longwood University hosted the only Vice Presidential Debate. It was an expensive endeavor that, along with the significant educational benefits to our campus, was also meant to encourage...
-
explains the significance of the following key concepts in corporate strategic management: VUCA environment, Corporate Foresight, Resource Based View of the Firm, Dynamic Capabilities Framework,...
-
Johson Corporation issued bonds twice during 2010. The transactions were as follows: 2010 Jan 1Issued $1,000,000 of 7.5 percent, 10-year bonds dated January 1, 2010, with interest payable on June 30...
-
Write a function that reads a Float24_t value: Float24_t float24_read(void) A legitimate float24 value string is of the form: "mantissabexponent" where the mantissa (m) and the exponent (e) may have...
-
The data in columns 1 and 2 in the accompanying table are for a private closed economy: LO4 a. Use columns 1 and 2 to determine the equilibrium GDP for this hypothetical economy. b. Now open up this...
-
Assume that, without taxes, the consumption schedule of an economy is as follows: GDP, Consumption, Billions Billions $100 .......... $120 200 .......... 200 300 .......... 280 400 .......... 360 500...
-
Explain graphically the determination of equilibrium GDP for a private economy through the aggregate expenditures model. Now add government purchases (any amount you choose) to your graph, showing...
-
x Vectors B and C are shown. Vector y The magnitude of D is closest to: is given by D = - B+ 33 5.6 22 4.8 B 21
-
The expansion of the length of an iron bridge, Al, during hot summers is directly proportional with the increase of temperature, AT, and the length, o of the bridge at 0 C. Write a formula for the...
-
In the Results section of your lab report comment on how well the individual experimentally determined values for the 500F and 2000F capacitors compare to the manufacturer's stated values. Using the...
Study smarter with the SolutionInn App