Homework Answers
A market in perfect competition is in long run equilibrium,it means that if any firm is in long run equilibrium,then its having zero economical profits .i.e. normal profits or neither losses nor gains and as in perfect competition,there are many sellers and there is free entry and exit,hence there is no chance of earning supernormal profits.
So if all the workers complete their bachelors degree,and request higher wages,if they are provided with the higher wages ,this would be known to everyone in the market and all the firms in the market will change their prices in same proportion as increase in the wages.
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a market in perfect competition is in long-run equilibriam.
what happens to the market if all...
12. (Perfect Competition) The demand for a media art is given by Q=1,500-80p The long-run total...
12. (Perfect Competition) The demand for a media art is given by Q=1,500-80p The long-run total costs for each firm is composed of wages for media artists and other operation costs. Each firm hires only one media artist regardless of output -25 1 a function of output, given by levels. Other operation costs are Q. 4 25 Q+ w,where w denotes the 4 Therefore, the long-run total cost is m+-0-0 wage for a media artist. The supply curve of media...
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly...
Which market structure can earn long-run economic profits? a. Perfect competition b. Monopolistic competition c. Oligopoly d. Monopoly e. c and d only All firms produce where a. marginal benefits are greater than marginal profits b. short-run profits are less than long-run profits c. marginal revenues are greater than or equal to marginal costs d. average total costs are greater than marginal costs A perfect competitor is a __________ and can earn economic profits ____________. a. price maker, in both...
Discuss the short run and long run condition of both a monopoly and a perfect competition...
Discuss the short run and long run condition of both a monopoly and a perfect competition market structure .in words
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because,...
Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because, in both, firms: make zero economic profit. O have excess capacity. O produce at the minimum point of the average total cost curve. Oset price equal to marginal cost.
pls review carefully and help pls In perfect competition in long-run equilibrium, can consumer surplus or...
pls review carefully and help pls In perfect competition in long-run equilibrium, can consumer surplus or producer surplus be increased? Explain your answer. In perfect competition in long-run equilibrium, consumer surplus or producer surplus _______ be increased because _______. A. can; a rise in price increases producer surplus and a fall in price increases consumer surplus B. cannot; to do so requires a movement away from the long-run equilibrium C. can; producing more increases both consumer surplus and producer surplus...
Return again to the market for good G, and illustrate movement back to long run equilibrium...
Return again to the market for good G, and illustrate movement back to long run equilibrium both in the market for good Gand for firm j. What is the profit situation of firm j? PROBLEM 3 Assume perfect competition exists for Good W, and assume the market is in long run equilibrium. Depict the market for good W, and indicate initial supply, demand, equilibrium price and quantity with subscript 1. To the right of the market, depict the long run...
Perfect Competition (Please Graph) Please explain and illustrate graphically how the diaper service market has been aff...
Perfect Competition (Please Graph) Please explain and illustrate graphically how the diaper service market has been affected by the decrease in the North American birth rate and the development of disposable diaper. Explain the long-run and the short-run effects of the event, starting from the long run equilibrium. What happens to the price of diaper and the quantity of diaper in the market and a representative individual firm? (Show two diagrams for both market firms and an individual firm)
The market for masks is competitive market and is in long-run equilibrium. Describe what happens in...
The market for masks is competitive market and is in long-run equilibrium. Describe what happens in this market as COVID-19 and people demand for masks and the process that eventually leads to a new long-run.
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in...
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in perfect competition is: ______________ (Shape or slope) 3. The firm operates at the quantity where _________ equals ___________. 4. Total profit is equal to ___________ minus ________________. 5. The marginal revenue curve in perfect competition is: ______________ (Shape or slope) 6. The entrance of one or two new firms (in perfect competition) does what to market price? _______________________________________, 7. For a firm to operate,...
12. (Perfect Competition) The demand for a media art is given by Q=1,500-80p The long-run total costs for each firm is composed of wages for media artists and other operation costs. Each firm hires only one media artist regardless of output -25 1 a function of output, given by levels. Other operation costs are Q. 4 25 Q+ w,where w denotes the 4 Therefore, the long-run total cost is m+-0-0 wage for a media artist. The supply curve of media...
In perfect competition as well as in monopolistic competition, a. profit is positive in a long-run equilibrium for each firm. b.entry and exit by firms are restricted. c. there are many firms in a single market. d. marginal revenue is equal to price for each firm. ECTION 22 Monopolistic competition differs from perfect competition because in monopolistically competitive markets a. all firms can eventually earn economic profits. b. each of the sellers offers a somewhat different product. C. strategic interactions...
Question 18 (3 points) Long-run equilibrium in perfect competition and in monopolistic competition are similar because, in both, firms: make zero economic profit. O have excess capacity. O produce at the minimum point of the average total cost curve. Oset price equal to marginal cost.
Return again to the market for good G, and illustrate movement back to long run equilibrium both in the market for good Gand for firm j. What is the profit situation of firm j? PROBLEM 3 Assume perfect competition exists for Good W, and assume the market is in long run equilibrium. Depict the market for good W, and indicate initial supply, demand, equilibrium price and quantity with subscript 1. To the right of the market, depict the long run...
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