Final answer:
Mom and pop firms may survive without earning economic profits due to their niche market appeal, community support, non-monetary owner satisfaction, local economic benefits, and tourist appeal.
Step-by-step explanation:
Small mom and pop firms such as inner city grocery stores may continue to exist without earning economic profits for several reasons. First, these businesses often fulfill a niche in their community by providing specialized goods and services that may not be available at larger chain stores or are not offered with the same degree of personal customer service. Additionally, local residents might prefer to support these businesses for the sake of community identity or economic solidarity, valuing them beyond just the economic profits they generate. Moreover, owners of such businesses might derive non-monetary satisfaction from their work, such as community respect, personal fulfillment, or the feeling of independence associated with running their own operation. Furthermore, these stores can also provide local economic benefits; despite not earning significant profits, they might circulate money within the economy and create local jobs. Lastly, the existence of these businesses might be supported by a tourist appeal as seen in Figure 12-19 from Natchitoches, LA, where a general store continues to operate due to its attractiveness to visitors, despite the competitive pressure of large chains like Wal-Mart.