This topic contains a solution. Click here to go to the answer

Author Question: Refer to Table 2-17. What is James's opportunity cost of making a tricycle? A) 2 tricycles B) 3/4 ... (Read 101 times)

ssal

  • Hero Member
  • *****
  • Posts: 572
Refer to Table 2-17. What is James's opportunity cost of making a tricycle?
 
  A) 2 tricycles B) 3/4 of a wagon C) 1/2 of a wagon D) 1/2 of a tricycle

Question 2

What triggers entry in a competitive market? Describe the process that ends further entry.
 
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ASDFGJLO

  • Sr. Member
  • ****
  • Posts: 335
Answer to Question 1

C

Answer to Question 2

When firms in a competitive market make an economic profit, the economic profit serves as an inducement to other firms to enter the market. As the other firms enter, the supply increases and the price falls. The fall in the price eventually eliminates the economic profit, at which time entry stops.




ssal

  • Member
  • Posts: 572
Reply 2 on: Jun 29, 2018
Gracias!


Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Excellent

 

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

For a complete list of videos, visit our video library