Explain producers in an industry
Explain producers in an industry are receiving pure or economic profits?
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If producers in an industry are receiving pure or economic profits, additional producers will move into the industry, the industry supply will increase, and the price will decrease thus squeezing out the economic profits. If producers in an industry are experiencing economic losses, some of these producers will exit the industry, the industry supply will decrease, and the price will increase thus eliminating the economic losses.
Explain the impact of external costs and external benefits on resource allocation
The Wealth of Nations that a pioneering survey of economic treated was published within: (1) 1849 year, and written by Karl Marx. (2) 1936 year, and written by John Maynard Keynes. (3) 1776 year, and written by Adam Smith. (4) 141 BC,
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“Natural price” by Adam Smith of a good was eventually determined through: (1) the amount of capital used within production in the short run. (2) long-run average costs of production, that Adam Smith believed to be the amo
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
Just need help to see if I am in the right direction if there any think wrong need help with it.
simultaneous method in demand forecasting?
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