1. Since long-run economic profits for a competitive firm are always zero, it will never pay acompetitive firm to adopt a cost reducing innovation. 2. If a lump sum tax is placed on firms in a ...

When running a small business, decisions must be made to help ensure profit maximization and continued success. Understanding some of the basic economic principles at work behind the scenes can help ...

Mary Hall is a editor for Investopedia's Advisor Insights, in addition to being the editor of several books and doctoral papers. Mary received her bachelor's in English from Kent State University with ...

1. Textbook problems # 2, 5, 7, 8 from Chapter 8. Textbook problems # 9, 10, 11 from Chapter 9. 2. True/ False Questions. 1. Since long-run economic profits for a competitive firm are always zero, it ...

Steven Nickolas is a writer and has 10+ years of experience working as a consultant to retail and institutional investors. Suzanne is a content marketer, writer, and fact-checker. She holds a Bachelor ...