Homework Answers
In the long run, the firms earn zero economic profit as the Price = minimum ATC so if the price is below the minimum ATC, the firms will incur a loss and exit the market
option(B)
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Question 6 10 points Save Answer Figure: Game-Day Shirts Price or Cost МС АТС $14 11...
(Figure: Game-Day Shirts) Use Figure: Game-Day Shirts. Rick is one of the 10 vendors who sell...
(Figure: Game-Day Shirts) Use Figure: Game-Day Shirts. Rick is one of the 10 vendors who sell Game-Day T-shirts at football games in a perfectly competitive market. His costs are identical to the costs of the other nine vendors. If the price of a shirt is $11, in the long run: Figure: Game-Day Shirts Price or Cost MC ATC $14 2 116 96 AVC 66 20 22 24 Quantity the industry is in equilibrium. firms will enter the industry. firms will...
Use the following to answer questions 23-25: Figure: Determining Long-Run Adjustments ATC AVC Price and Cost...
Use the following to answer questions 23-25: Figure: Determining Long-Run Adjustments ATC AVC Price and Cost (S) 11 ! AFC 9 12 14 Output 23. (Figure: Determining Long-Run Adjustments) The figure depicts the cost curves for a firm in a perfectly competitive industry in the long run. If the market price is $36, how many units of output should this firm produce? A) 0 B) 9 C) 12 D) 14 24. (Figure: Determining Long-Run Adjustments) If the current price is...
28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual f...
28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry b. Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry. c. Because the price is below the firm's average variable costs, the firms will shut down. d....
Answers for 16 and 17 and18 Figure #i-Perfectly Competitive Industry io АТС Econ 112 Take-Home Quiz 3 15" (using the information in Figure #1). The shut-down price is: A. $2 B. $4 C. $6 D. $8...
Answers for 16 and 17 and18
Figure #i-Perfectly Competitive Industry io АТС Econ 112 Take-Home Quiz 3 15" (using the information in Figure #1). The shut-down price is: A. $2 B. $4 C. $6 D. $8 16, (using the information in Figure #1). The break-even price is A. $2 B. $4 C. $6 D. $8 17. (using the information in Figure #1). In the long run, firms would expect the market price to be: A. $8 B. S6 C. $4...
Unsaved change Question 9 10 points Save Answer Figure: The Perfectly Competitive Firm Price (per unit)...
Unsaved change Question 9 10 points Save Answer Figure: The Perfectly Competitive Firm Price (per unit) MC ATC mc C $3.00 2.0 F 1.00.. 07 100 250 300 400 Output (per day) Reference: Ref 12-19 (Figure: The Perfectly Competitive Firm) Look at the figure The Perfectly Competitive Firm. The figure shows a perfectly competitive firm that faces demand curve d and maximizes profit. The firm's economic profit in the long run will be: $275. $300. $0. $250.
QUESTION 25 Table 14-11 Suppose that a firm in a competitive Price Quantity Total cost Refer...
QUESTION 25 Table 14-11 Suppose that a firm in a competitive Price Quantity Total cost Refer to Table 14-11. The marginal revenue from producing the Sth unit equals (i) $6. (ii) the price. (iii) the marginal cost a. (i) only b.(i) and (ii) only c. (i), (ii), and (iii) d. (iii) only QUESTION 29 Suppose that a competitive market is initially in equilibrium. Then demand increases. If entering firms face the same costs as existing firms and sufficient resources are...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
ATC Demand MC Cost of Webcam BARABARBERBESAR BRAS Price of Webcam $80 $72 $64 $56 $48...
ATC Demand MC Cost of Webcam BARABARBERBESAR BRAS Price of Webcam $80 $72 $64 $56 $48 $40 $32 E $24 $16 $8 $0 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Quantity of Webcams AVC Supply 2 8 9 10 4 5 Quantity of Webcams Assume the perfectly competitive webcam industry in this question is made up of identical firms. The graph on the left shows the costs of producing webcams at one...
When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists call these expe...
When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists call these expenditures a capital investment. b. investment in human capital. c. personal saving. d. business consumption expenditures. 26. Who among the following is a free rider? a. Bert takes the commuter rail to work, but he purchases the discounted monthly passes rather than buying tickets each day. b. Oscar goes to Elmo's house to watch a football game on the local television channel....
(Figure: Game-Day Shirts) Use Figure: Game-Day Shirts. Rick is one of the 10 vendors who sell Game-Day T-shirts at football games in a perfectly competitive market. His costs are identical to the costs of the other nine vendors. If the price of a shirt is $11, in the long run: Figure: Game-Day Shirts Price or Cost MC ATC $14 2 116 96 AVC 66 20 22 24 Quantity the industry is in equilibrium. firms will enter the industry. firms will...
Use the following to answer questions 23-25: Figure: Determining Long-Run Adjustments ATC AVC Price and Cost (S) 11 ! AFC 9 12 14 Output 23. (Figure: Determining Long-Run Adjustments) The figure depicts the cost curves for a firm in a perfectly competitive industry in the long run. If the market price is $36, how many units of output should this firm produce? A) 0 B) 9 C) 12 D) 14 24. (Figure: Determining Long-Run Adjustments) If the current price is...
28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry b. Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry. c. Because the price is below the firm's average variable costs, the firms will shut down. d....
Answers for 16 and 17 and18
Figure #i-Perfectly Competitive Industry io АТС Econ 112 Take-Home Quiz 3 15" (using the information in Figure #1). The shut-down price is: A. $2 B. $4 C. $6 D. $8 16, (using the information in Figure #1). The break-even price is A. $2 B. $4 C. $6 D. $8 17. (using the information in Figure #1). In the long run, firms would expect the market price to be: A. $8 B. S6 C. $4...
Unsaved change Question 9 10 points Save Answer Figure: The Perfectly Competitive Firm Price (per unit) MC ATC mc C $3.00 2.0 F 1.00.. 07 100 250 300 400 Output (per day) Reference: Ref 12-19 (Figure: The Perfectly Competitive Firm) Look at the figure The Perfectly Competitive Firm. The figure shows a perfectly competitive firm that faces demand curve d and maximizes profit. The firm's economic profit in the long run will be: $275. $300. $0. $250.
QUESTION 25 Table 14-11 Suppose that a firm in a competitive Price Quantity Total cost Refer to Table 14-11. The marginal revenue from producing the Sth unit equals (i) $6. (ii) the price. (iii) the marginal cost a. (i) only b.(i) and (ii) only c. (i), (ii), and (iii) d. (iii) only QUESTION 29 Suppose that a competitive market is initially in equilibrium. Then demand increases. If entering firms face the same costs as existing firms and sufficient resources are...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
ATC Demand MC Cost of Webcam BARABARBERBESAR BRAS Price of Webcam $80 $72 $64 $56 $48 $40 $32 E $24 $16 $8 $0 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Quantity of Webcams AVC Supply 2 8 9 10 4 5 Quantity of Webcams Assume the perfectly competitive webcam industry in this question is made up of identical firms. The graph on the left shows the costs of producing webcams at one...
When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists call these expenditures a capital investment. b. investment in human capital. c. personal saving. d. business consumption expenditures. 26. Who among the following is a free rider? a. Bert takes the commuter rail to work, but he purchases the discounted monthly passes rather than buying tickets each day. b. Oscar goes to Elmo's house to watch a football game on the local television channel....
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