When running a small business, decisions must be made to help ensure profit maximization and continued success. Understanding some of the basic economic principles at work behind the scenes can help ...

Perfect competition is a theoretical model with many buyers and sellers offering identical products. In this model, firms cannot influence prices and make zero long-term profit due to free entry and ...

It’s hard to remember a time before the cost-of-living crisis dominated news headlines. Most of us would certainly like it to be over. But the fundamental question at its heart – which points to the ...

1. Textbook problems # 2, 5, 7, 8 from Chapter 8. Textbook problems # 9, 10, 11 from Chapter 9. 2. True/ False Questions. 1. Since long-run economic profits for a competitive firm are always zero, it ...