Answer to Question #47085 in Other Economics for Dion Lewis
a. Your firm’s cost of production? Explain.
b. The price you can charge for your remodeling services? Why?
c. Profits in home remodeling? Why?
b. The price you can charge for your remodeling services will decrease, because
more producers will enter the market until everybody earn normal profits.
c. Profits in home remodeling will decrease and will be zero (normal), because
the price will decrease and costs will increase.
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