Northwest Arkansas is a metropolitan area with a rapidly growing population of over 500,000 residents in the principal municipalities of Fayetteville, Springdale, Rogers, Bentonville, and Siloam Springs. A GLOBAL CENTER OF EXCELLENCE IN RETAIL, FOOD, AND LOGISTICS.
A market economy is an economic system in which individuals own most of the resources - land, labor, and capital - and control their use through voluntary decisions made in the marketplace. It is a system in which the government plays a small role. In this type of economy, two forces - self-interest and competition - play a very important role.
We know that in the long run in a perfectly competitive market, economic profit should equal zero. This happens because firms are free to enter and exit the market. If there is positive economic profit, then firms will enter the market to make those economic profits until there is no economic profit left.ou will note that two conditions need to hold in order for economic profit to be zero, and to be in the long run equilibrium: Remember that MR (price) is determined by the market for perfectly competitive firms, which means they are price takers.