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Hello, i am in need of some help on my economics homework. i have 3 questions that i would like answered.
i would need this by tuesday night
Sorry the subject is out of my scope therefore I am opting out so other experts may help you, take care.
please post the questions.
Can you assist with the following economics questions?
1) Firms in a competitive market maximize profits by operating at the level of output, which minimizes their average cost of production in the short run. Agree or disagree with this statement and explain your reasons.
2) What features characterize a ”perfectly competitive” market? What rule will guide the supply decision of a perfectly competitive firm in such a market? What will be the long run equilibrium price in such a market?
3) Explain the importance of "free entry" in establishing the long run equilibrium price.
4) "In a world in which all markets were perfectly competitive, the ceaseless search for maximum profits will drive all prices down to the level of minimum average cost in the long run" Agree or disagree with this statement and explain your reasoning.
Thanks, XXXXX XXXXX?
Hi, unfortunatlly i need it for tonight. If you cant do it, can we close out this request?