Explain why some business owners find profitable to operate a business without improving or fixing the facility Give and example of such business, and explain the rationale behind the business behavior using the concepts below Know the names and the main characteristics of the four basic market models List the conditions required for perfectly competitive markets Explain how demand is seen by a perfectly competitive seller Understand how firms in perfect competition maximize profits or minimize losses in the short run Explain how perfectly competitive firms can use the marginal revenue marginal cost approach to maximize profits or minimize losses in the short run Explain why a competitive firm's marginal cost curve is the same as its supply

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Question: Explain why some business owners find profitable to operate a business without improving or fixing the facility.Give and example of such business, and explain the

Explain why some business owners find profitable to operate a business without improving or fixing the facility.Give and example of such business, and explain the rationale behind the business behavior using the concepts below:

Know the names and the main characteristics of the four basic market models.
List the conditions required for perfectly competitive markets.
Explain how demand is seen by a perfectly competitive seller.
Understand how firms in perfect competition maximize profits or minimize losses in the short run.
Explain how perfectly competitive firms can use the marginal-revenue-marginal-cost approach to maximize profits or minimize losses in the short run.
Explain why a competitive firm's marginal cost curve is the same as its supply.

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