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The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms only earn a normal profit in the long run, firms will develop new products or lower-cost production methods because they can innovate and possibly earn an economic profit in the short run. improve their management and earn an economic profit in the long run. eliminate competition. innovate and possibly earn a normal profit in the short run. 14) Consider the following statement: "Ninety percent of new products fail within two years-so you shouldn't be so eager to innovate." This statement is false because a firm could capture enough expected economic profit in the short run to cover the initial investment. true so the firm should not innovate in the first two years. true so the firm should only innovate if other competitors are also innovating. false because a firm could capture enough expected economic profit in the long run to cover the initial investment.
I am learning about scarcity in my SS 6th grade and I am unsure about this question. which sentence best tells the effect of scarcity on economics.
The manager at Sherwin -Williams store has decided to purchase a new $30,000 paint-mixing with hi-tech instrumentation for matching color and other components. The machine may be paid for in one of two ways:
Given the following information for November 2010, calculate the amounts of M1 and M2 in November 2010. The amounts are in billions of dollars. Currency $..
Use the Phillips Curve to describe the tradeoffs between inflation and the unemployment rate, both in the short-run and in the long-run.
Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).
Calculate the premerger Herfindahl-Hirschman index (HHI) for this market and suppose that any two of these firms merge. What is the post merger HHI?
Jesse and Kimberly recently graduated from college and are starting a family.they are just making ends meet with their $45,000 salary.what are some things they can do to their budget to find the money.
Suppose the demand for computers. For each of the following, state effect on demand, find the equation of the demand curve if consumer incomes are $30,000,
Nobel Laureate Robert Fogel of the University of Chicago has argued, "Expenditures on healthcare are driven by demand, which is spurred by income and by advances in biotechnology that make health interventions increasingly effective." If Fogel is ..
Which market structure is best suited for the pharmaceutical industry (perfect competition, monopolistic competition, monopoly and oligopoly)
What's commonly used is a steam-driven catapult. Large pistons move within their cylinders, driven by steam pressure at one end, and tow the jet forward. Assume that the jet is brought from a stationary state to 159 mph in 2.15 seconds and that the..
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
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