In Perfect Competition,technological Advances Will Allow Economic Profits for

question 1

Multiple Choice

In perfect competition,technological advances will allow economic profits for

• A)all firms.
• B)only the firm developing the new technology.
• C)early adopters.
• D)none of the firms,as the advance will be immediately adopted by all of them.

Apply discounts and terms correctly to determine final payments.

Calculate net price after trade discounts.

Determine selling price to achieve desired profit margins.

Understand and calculate overhead expenses in pricing.

---

Definitions:

Production Level

Refers to the amount of goods or services produced by a company or industry over a specific time period.

Variable Costs

Expenses that fluctuate in direct proportion to production levels or output, including labor and materials.

Short-run Supply Curve

A graphical representation of the quantity of goods a firm is willing and able to supply to the market at different prices, over a short period where at least one input is fixed.

Marginal Cost

The financial commitment needed for the creation of an additional unit of a product or service.