Please give an example of a market that comes close to being considered perfectly competitive. What does it mean when firms in a perfectly competitive market earn $0 in economic profits? rite at least one brief paragraph. In addition, it is required to reply to at least two other students' posts by of
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- Topic A Problem: While on vacation, you go to a miniature golf course on a weekday and notice no other customers there while you golf. Why do you think a miniature golf course would stay open during the week when it seems like the revenue from so few customers could not possibly cover the costs of running the golf course? What is an example of another business that stays open even when it's slow, and their revenue does not seem like it could cover their costs?Question 20 of 20 Reggie owns and operates a cheese shop in the village of Somerset. Although Reggie has a degree in mechanical engineering and could easily go to work for his brother's company earning $76000 a year, his true passion is for cheese. Consider the list of Reggie's revenue and expenses from last year. Please use the information provided to answer the questions. Revenue from 2010 $90000 Rent $18000 Equipment $6000 Supplies $3000 What is Reggie's accounting profit? What is Reggie's economic profit? -$13000 $63000 $3000 O -$13000 -$63000 $3000 $63000 -$63000You’ve been given a firm’s production and cost functions:p = 132 −2qMC = 12 + 4q(a) Assume this firm is in a perfectly competitive market. Calculate the equilibrium price andquantity.(b) What is the firm’s profit here?(c) Assume this firm is in a monopoly market. Calculate the equilibrium price and quantity.(d) What is the firm’s profit here?(e) Give an example of a perfectly competitive agricultural market, and give an example of amonopoly agricultural market.