Define and explain: A) the characteristics of a competitive…

Define and explain: A) the characteristics of a competitive firm. B) Explain the perfectly competitive firm at the optimal level of output, making a long run normal profit, making an economic (above normal) profit, and making a loss. C) Explain the relationship between the perfectly competitive firm and industry. D) How does the entry of new firms into the industry influence the perfectly competitive price? E) Explain. How does the exit of firms out of the industry influence the perfectly competitive price? Explain.

Define and explain the characteristics of: A) the relationsh…

Define and explain the characteristics of: A) the relationship between the balance of payments, the current account and the capital account, B) international trade, absolute and comparative advantage, C) globalization, and D) the arguments for and E) against trade protection.

Define and explain: A) the elasticity of supply, B) elastici…

Define and explain: A) the elasticity of supply, B) elasticity of demand using the midpoint formula with an example of P1, P2, Q1 and Q2. Define and explain C) elastic and inelastic demand, D) unitary and infinite elasticity. E) Explain income and cross price elasticity.