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What areas do business economists work in?
Business economists work in such areas as manufacturing, mining, transportation, communications, banking, insurance, retailing, private industry, securities and investment firms, management consulting firms, and economic and market research firms,
In long run equilibrium P equals minimum ATC equals MC what is the significance of the equality of P and minimum ATC for society?
There are only normal profits in the market, so no firms will enter or exit the market.
Why may firms continue operating even when they are not breaking even?
Firms may continue operating despite not breaking even due to several reasons, such as covering fixed costs while waiting for market conditions to improve or to maintain market presence. They may also be investing in long-term growth, sacrificing short-term profits for future profitability. Additionally, companies might have access to sufficient capital reserves or financing that allows them to sustain operations until they can achieve profitability.
Where would you find a negative number in the newspaper?
The Stock Market Section
Which ratio measures the firms degree of indebtness?
debt ratio
The market structure that is characterized by a small number of large firms that have some market power is called?
The market structure that is characterized by a small number of large firms that have some market power is called
What assumptions are made in the Perfect competition model of a market?
Perfect competitionperfect competitionModel of the market based on the assumption that a large number of firms produce identical goods consumed by a large number of buyers. is a model of the market based on the assumption that a large number of firms produce identical goods consumed by a large number of buyers.
What is an characteristic of oligoply?
An oligopoly is characterized by a market structure where a small number of large firms dominate the industry. These firms have substantial market power which allows them to influence prices and other market outcomes. Oligopolies often involve interdependence among firms, with decisions by one firm impacting the actions of others in the market.
Which features is significant for market structure?
Significant features for a market structure include the number of firms and their scale, market share of the bigger firms, the nature of costs, extent of product differentiation, turnover of customers, and vertical integration.
What is imperfect competition?
a market structure in which a large number of firms all produce the same product
Why would a market that consisted entirely of perfectly competitive firms not be 'perfect'?
The concept of perfect competition is based on a large number of small firms, where no single firm can affect the market price. These firms operate as price takers, and use the cost supplied by the market. These ideal companies would insure efficiency. However, perfect competitive firms are unrealistic in real world scenarios.
What kind of market structure is gm?
The market structure is called oligopoly. Oligopoly is a market structure characterized by a small number of relatively large firms that dominate an industry.
What are the rules of households and firms in a market economy?
In a market economy, firms make the goods. Households buy the goods.
What are the roles of households and firms in the market economy?
in a market economy, firms make the goods. Households buy the goods
What are the roles of household and firms a market economy?
in a market economy, firms make the goods. Households buy the goods
What is markets in which firms sell their output of goods and services?
The product market is the market in which firms sell their output of goods and services.
How does total cost relate to total in the market total cost relate to the production output?
In a perfectly competitive market, all n firms are equal. Thus, the market total cost is the total cost (TC) of one firm multiplied by the amount of n firms in the market Total Market Cost = n(TC) Total cost relates to output because firms want to make a profit. Profit = TR - TC where TR = total cost and TR = total revenue. Firms produce at the quantity which MR (marginal revenue) = MC (marginal cost). At this quantity, multiply it by n number of firms in the market to achieve the total output in a market.
