Why do perfectly competitive firms make zero economic profit in the long-run?

Why do perfectly competitive firms make zero economic profit in the long-run?

Monetary Policy

Given the current economic environment, would you prefer a fixed rate or flexible rate mortgage? Include facts.

Discussion Board

In 2003, the Internal Revenue Service began to mail out refund checks because of a change in the tax law. Economic forecasters predicted that consumption and GDP would increase because of higher refunds on income taxes. Pretend as if you are an economist and explain your thoughts on whether the tax cuts from the past few years have been successful in promoting economic growth or in preventing a deeper decline? Are there other changes to fiscal policy that you feel would have been more successful?

Supply/Demand Graphs

Draw out multiple supply/demand graphs and identify (in color) where you have: 1) Consumer Surplus, 2) Producer Surplus, 3) Consumer Deadweight Loss, and 4) Producer Deadweight Loss.

How do I develop graph/chart (tabular or graph) with this scenario?

Suppose that I am selling cans of beer to people on a beach. Since I am concerned about my income (and since I am the only beer seller), I decide to sell beer in the following way. I will not tell the people on the beach how many cans of beer I have. I will sell the cans of beer individually to my customers. Each can of beer will go to the highest bidder, and the person who buys the can of beer from me will be required to consume the can of beer. The first can of beer sells for $3.70. The second can of beer sells for $3.40, the third for $3.10, the fourth for $2.80, the fifth for $2.50, and the sixth for $2.20. It is very good beer! (1) In both tabular (a table) and graphical f... click for more