Explain Why Economists Never Include "Money" as a Resource

question 86

Essay

Explain why economists never include "money" as a resource.

Comprehend the short-run and long-run impacts on profits and firm behavior in competitive industries following changes in market demand.

Understand the mechanics of mean reversion in economic profits and how it affects long-term industry equilibrium.

Master the concept of elasticity of demand and how it reflects on pricing strategies and consumer behavior.

Recognize the unique position of monopoly firms in the market, their profit-making capabilities, and the factors contributing to their long-run profit sustainability.