Use a Graph to Demonstrate the Circumstances That Would Prevail

question 35

Essay

Use a graph to demonstrate the circumstances that would prevail in a competitive market where firms are earning economic profits. Can this scenario be maintained in the long run? Explain your answer.

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Definitions:

Mixed Message

Communication that contains conflicting or unclear information, leading to misunderstanding or confusion in the recipient.

Physical Distraction

External stimuli or environmental factors that divert attention away from a task or focus, potentially reducing efficiency or productivity.

External Locus

A belief that outcomes in one's life are controlled by external forces rather than by one's own actions.

Information Filtering

The process of screening, selecting, and presenting information selectively, often to reduce information overload or to emphasize certain aspects.