Explain Why Perfectly Competitive Firms Make Zero Economic Profit in the Long

question 157

Essay

Explain why perfectly competitive firms make zero economic profit in the long run.

Grasp the concept of strict liability and circumstances under which it would apply.

Understand the principles surrounding contributory negligence and voluntary assumption of risk.

Recognize the role and implications of fiduciary duties in professional relationships.

Understand the distinctions and connections between tort law and contractual obligations.