Homework Answers
The supply curve is the upward sloping portion of the curve above minimum AVC
Third option is correct answer
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QUESTION 38 The supply curve for a competitive firm is O its entire MC curve. the...
QUESTION 38 The supply curve for a competitive firm is - A)its entire MC curve. B)the...
QUESTION 38 The supply curve for a competitive firm is - A)its entire MC curve. B)the upward-sloping portion of its MC curve. C)its MC curve parallel to the minimum point of the AVC curve.D) its MC curve above the minimum point of the ATC curve.
Please answer the following 3 questions: QUESTION 1 In the short run, the perfectly competitive firm...
Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
A firm never operates Select one: a. at the minimum of its ATC curve. b. at...
A firm never operates Select one: a. at the minimum of its ATC curve. b. at the minimum of its AVC curve. c. on the downward-sloping portion of its ATC curve. d. on the downward-sloping portion of its AVC curve. e. on its long-run marginal cost curve. O
all of them Question 1 (1 point) A firm producing a positive output level, covering variable...
all of them
Question 1 (1 point) A firm producing a positive output level, covering variable costs but making a loss in the short run O may nonetheless be doing the nest it can with respect to its profits O should exit the industry O should definitely shut down O is not maximizing profits O should either expand or contract its plant size Question 2 (1 point) The perfectly competitive firm's profits can be calculated as O (MR-ATC)Q O (P-AVC-AFC)Q....
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC....
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
In the short run, a perfectly competitive firm earning a negative economic profit A) is on...
In the short run, a perfectly competitive firm earning a negative economic profit A) is on the downward-sloping portion of its AVC. B) is at the minimum of its AVC. C) is on the upward-sloping portion of its AVC. D) is not operating on its AVC. E) can be at any point on its AVC. Answer is C, but I have no idea why C is the correct answer.
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
please answer all 16. To say that a firm is a price taker means that: a....
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
Introduction to Microeconomics Deriving the Short-Run Supply Curve for the Perfectly Competitive Firm MC ATC AVC...
Introduction to Microeconomics Deriving the Short-Run Supply Curve for the Perfectly Competitive Firm MC ATC AVC Cost ($) 0 10 20 30 40 50 60 70 80 90 100 110 Outputs units) The figure illustrates the costs faced by a perfectly competitive firm. Use the figure to answer the following: 1) If the market price is $20, how much will the firm produce in order to maximize its profits? 2) If the market price is $15, how much will the...
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c)...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
A firm never operates Select one: a. at the minimum of its ATC curve. b. at the minimum of its AVC curve. c. on the downward-sloping portion of its ATC curve. d. on the downward-sloping portion of its AVC curve. e. on its long-run marginal cost curve. O
all of them
Question 1 (1 point) A firm producing a positive output level, covering variable costs but making a loss in the short run O may nonetheless be doing the nest it can with respect to its profits O should exit the industry O should definitely shut down O is not maximizing profits O should either expand or contract its plant size Question 2 (1 point) The perfectly competitive firm's profits can be calculated as O (MR-ATC)Q O (P-AVC-AFC)Q....
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
Introduction to Microeconomics Deriving the Short-Run Supply Curve for the Perfectly Competitive Firm MC ATC AVC Cost ($) 0 10 20 30 40 50 60 70 80 90 100 110 Outputs units) The figure illustrates the costs faced by a perfectly competitive firm. Use the figure to answer the following: 1) If the market price is $20, how much will the firm produce in order to maximize its profits? 2) If the market price is $15, how much will the...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
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