Question

Perfect competition meaning, definition, features, graph, diagram, • short run equilibrium (1) excess profit (2) normal profit (3) loss (4) shut - down point • long run equilibrium (1) excess pfofit (2) normal profit​

Answer 1

Answer:

Normal profit :

In a perfect market the sellers operate at zero economic surplus: sellers make a level of return on investment known as normal profits. Normal profit is a component of (implicit) costs and not a component of business profit at all.

excess profit :

Under perfect competition, there are many buyers and sellers, and prices reflect supply and demand. Companies earn just enough profit to stay in business and no more. If they were to earn excess profits, other companies would enter the market and drive profits down.

Explanation:

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Answer 2

Answer:

1) Define implicity function with sutable