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Management Studies

Question1. What four basic conditions characterize a competitive market?

Question2. The short-run marginal cost of the Ohio Bag Company is 2Q. Price is $100. The company operates in a competitive industry. Currently, the company is producing 40 units per period. What is the optimal short-run output? Calculate the profits that Ohio Bag is losing through suboptimal output.

Question3. Should a company ever produce an output if the mangers know it will lose money over the period? Explain.

Question4. What are economic profits? Does a firm in a competitive industry earn long-run economic profits? Explain.

Question5. The Johnson Oil Corporation has just employed the best manager in the industry. Should the owners of the company anticipate economic profits? Explain your answer.

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M9313713

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