Diagram a Model of a Perfectly Competitive Market and a Separate

question 8

Essay

Diagram a model of a perfectly competitive market and a separate model of a firm experiencing economic profits.Explain and illustrate on your models the changes that take place in the long run.Be sure to explain why any changes take place.

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Definitions:

Voting Irregularities

Occurrences in the electoral process that deviate from legal or ethical standards, including but not limited to fraud, suppression, and miscounting.

Representative Democracy

A form of democracy in which citizens elect officials to represent them in governmental decisions and policymaking.

Principals

In economics and finance, a principal refers to an individual or entity that owns a business or transaction, and has the primary responsibility.

Agents

Individuals or entities that act on behalf of others in economic transactions or negotiations.