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What are the conclusions about the cost of production and efficiency in the long-run equilibrium of a perfectly competitive industry?
Three conclusions regarding the cost of production and efficiency into the long-run equilibrium of a perfectly competitive industry as follows:
a. Within a perfectly competitive industry into equilibrium, the value of marginal cost is similar for all firms.
b. In a perfectly competitive industry along with free entry and exit, every firm will have zero economic profits into long- run equilibrium.
c. The long-run market equilibrium of a perfectly competitive industry is effective: no equally beneficial transactions go unexploited.
Advantages a. It is more equitable. The broader shoulders are asked to carry the heavier burden. b. It satisfies the canon of productivity as it yields
Singapore Airlines is facing the possibility of a new competitor " Qantas " to enter the Singaporean market, especially in premium market, Singapore Airlines is dominant on the ma
assignment
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
PRINCIPLES OF AN OPTIMAL TAX SYSTEM When taxes are imposed certain conditions must be fulfilled. These conditions are known as Principles or canons of taxation. According to
p=10, TC= 1000+2Q+.01Q^2, Q=?
For some time, two firms have charged $0.90 per standard unit of crating materials for shipping a particular type of machine tool and each has been selling about 20,000 units per m
TC=100+0.15Q, Qu=1000-10Pu
producer equllibrium
Gains From International Trade The gains from International trade are to make the participating countries better of than they would have otherwise been. This will be the res
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