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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Small “Mom and Pop firms,” like inner city grocery stores, sometimes exist even though they do not earn economic profits. How can you explain this?

To determine

The reason behind sustenance of small “Mom and Pop firms” despite not earning economic profit.

Explanation

The “Mom and Pop firms” do recover the just about the total cost they incur with their revenue earning. They may not be left with anything more than that. But this is sufficient enough for them to continue...

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