Competitive equilibrium and auction theory together form a vital framework for understanding market efficiency and the strategic allocation of resources. Competitive equilibrium denotes a state where ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Robert Kelly is managing director of ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

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 ...

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 ...