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Why do firms in perfect competition earn normal profit in the long run

In the long run, all factors of production are variable. Also, two of the assumptions of firms in perfect competition are free entry and exit, as well as perfect resource mobility.

In the...

AA
Answered by Adriel A. Economics tutor
103556 Views

I didn't score very highly on my UKCAT, does that mean I won't get in?

The UKCAT is used by most medical schools, but not all of them. Plus, the ones that do ask for it all use the scores in different ways. Some Medical schools choose a score which they use as a cut off w...

GH
Answered by Georgina H. UCAT tutor
2021 Views

What is the difference between definite and indefinite integrals?

Definite integrals produces a numerical answer. It is asking the question: what is the area under the curve f(x) between x=a and x=b.

Indefinite integrals produces a function. It is askin...

SH
Answered by Simeon H. Maths tutor
6260 Views

What is the difference between speed and velocity?

Speed is a scalar quantity i.e it is a quantitative measure and has no direction. Whereas velocity is the speed of an object in a given direction.

SA
Answered by Saanya A. Science tutor
4061 Views

Outline the breakdown of relationships.

Duck's Phase Model claims that breakdown happens in four stages. The first stage is Intrapsychic whereby an individual realises there is a problem within the relationship. The second is Dyadic whereby the...

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Answered by Zaynah A. Psychology tutor
4582 Views

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