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    Why will profits for firms in a perfectly competitive industry tend to vanish in the long run?

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Questions & Answers

please...when something like a factor of production varies in the long run, what does it mean..? And it's fixed in the short ry n, wat does it mean?
Enoch Reply
factor of production in long run calls variable factor and in short run calls fixed factor...
Ther r 2 types of factor of prod. 1.Variable 2. Fixed. during long run we can change both. but Short run only variable factor changes.
How can i get a quantity demand and supply?
Charlene Reply
i dont know
My name is Matthew
i don't know because i am new student of the BS ECONOMIC
please guide me
what is Monopoly?
Nat Reply
Monopoly is a market structure which has only one seller or producer which do not have close subtitude
what is price mechanism
kobbina Reply
It is the economic means by which gov't, economic agencies, buyers and sellers determine the price to influence the demand and supply of a commodity.
price mechanism is the manner in which the prices of goods and services affect the supply and demand of goods and services.
accounts in balance of payment
Ikogor Reply
What is deadweight loss?
what is economics
Michael Reply
economics is. study about money and the human beings,the economics is social science
Economics is a science which studies humans behaviour between ends and scarce means.
the total amount of money earned within a country
abdul Reply
What is trade line
Ruchi Reply
what is scars
Siaw Reply
What is land as labour
Price and output determination in a monopoly?
Ruchi Reply
Monopoly :its features, measures market power
Monopoly is market structure where he/she is d boss with no competition.Therefore he quote his own price for product as well for quantity he provide. Eg.Suppose desert area only one shop he/she selling 10ltr water bottle @25.But with same amt you could have bought 20ltr if it's perfect competition.
Economics is a social sciences that have diverse application
Francis Reply
what is economics?
Osborne Reply
Economic is the study of human behaviour in relation with the scare resources and it alternate use.
Economics is a social sciences that have diverse application...
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
choice and opportunity cost?
choice is the next best alternative
Choice is option available. Opportunity cost means giving up other to get The 1st one. eg. U r hungry u got 2option available on fridge A and B. You select A over B. so this is opportunity cost. B is the Opportunity Cost over A.
can I get simple language and examples?
Gajendra Reply

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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