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 ...

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 ...