In Perfect Competition, One Result of the Model Was That

question 122

Essay

In perfect competition, one result of the model was that there were no economic profits in the long run.In a monopoly, the firm typically earns a positive economic profit.Why is there this difference?

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Definitions:

Organizational Structure

Describes the way in which a company or organization is arranged, including the roles, responsibilities, and communication methods between members.

Entire Group

The whole set or total number of individuals within a defined category or team, without exclusion.

Line Organization

A straightforward organizational structure where direct lines of authority flow from top management to subordinate levels, characterized by clear supervisory relationships.

Direct Flow

A streamlined process or supply chain mechanism where goods or information move straight from the source to the destination without unnecessary stops or intermediaries.