If firms can easily enter and exit a market, then A. firms will earn zero economic...
If firms can easily enter and exit a market, then
A. firms will earn zero economic profit in the short run.
B. firms will produce at minimum average fixed cost in the long run.
C. firms will produce where price is greater than marginal cost.
D. firms will produce where price is greater than marginal revenue.
E. firms will produce at minimum average cost in the long run.
Homework Answers
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If firms can easily enter and exit a market, then
A. firms will earn zero economic...
are making an economic Today, firms in a perfectly competitive market run, firms will profit. In...
are making an economic Today, firms in a perfectly competitive market run, firms will profit. In the long firns in a perfectly competitive market are making the market until all firms in the market onomic e) exit, producing at the minimum point on their long-run average cost d) a) exit; covering only their total fixed costs b) enter, making zero economic profit enter, making zero normal profit an economic profit when new firms enter 46. The firms in a perfectly...
QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic...
QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic profits. negative economic profits. Positive, zero, or negative economic profits. QUESTION 8 Which of the following statements best describes firms under monopolistic competition? Profits will be positive in the long run. Price always equals average variable cost. In the long run, positive economic profit will be eliminated. Marginal revenue equals minimum average total cost in the short run. QUESTION 9 Which of the following...
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic...
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic profit. b. produce an output level where price = marginal cost. c. do not produce output at minimum average cost. d. produce an output level where marginal revenue = marginal cost. e. a, c, and d are true 34. Externalities a. never occur when markets are perfectly competitive. b. are fully reflected in market prices. c. are reflected in the final price of goods...
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...
In the long run, all of the firms in a perfectly competitive industry will: exit the...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
Consider a short-run PC market where firms are earning positive economic profit. In the long-run, we...
Consider a short-run PC market where firms are earning positive economic profit. In the long-run, we would expect: Firms to enter this market, drive price down, and earn zero economic profit Firms to enter this market, drive price down, and keep economic profit just above zero Firms to exit this market searching for higher profit, driving price up and increasing profit for the firms that stay Firms to exit this market searching for higher profit, driving price down and decreasing...
st 3 ning: 1:44:09 Save balmi13r.11.152 It is not true in the long run of monopolies that O a. other firms seeking positive economic profit enter the market. b.they earn positive economic profit. c....
st 3 ning: 1:44:09 Save balmi13r.11.152 It is not true in the long run of monopolies that O a. other firms seeking positive economic profit enter the market. b.they earn positive economic profit. c. they sell their output at a price greater than marginal cost. d.they benefit from barriers to entry. 0 Icon Key
st 3 ning: 1:44:09 Save balmi13r.11.152 It is not true in the long run of monopolies that O a. other firms seeking positive economic profit enter...
Possible Answers 1: Earn zero profit, Earn positive profit, shut down, operate at a loss 2: Enter, Exit, Neither 3:Zero...
Possible Answers
1: Earn zero profit, Earn positive profit, shut down, operate at
a loss
2: Enter, Exit, Neither
3:Zero, Positive, Negative
4:10,15,20
Consider the perfectly competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average cost (AC), and average variable cost (AVC) curves shown on the following graph. 100 90 80 70 60 50 40 AC 30 20 AVC MC...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product and each firm comprises only a very small portion of the total market. 2. If a price-taker firm wants to sell its output, it must accept the market price, but it can sell as much output as it wishes at that market price. O N 3. For a price-taker firm, its marginal revenue from the sale of an addi- tional unit is generally less...
In the long run, all of the firms in a perfectly competitive industry will: produce an...
In the long run, all of the firms in a perfectly competitive industry will: produce an output level at which price is greater than average total cost. earn an economic profit greater than zero. produce at an output level at which average total cost equals marginal cost. exit the industry if price is greater than average total cost.
are making an economic Today, firms in a perfectly competitive market run, firms will profit. In the long firns in a perfectly competitive market are making the market until all firms in the market onomic e) exit, producing at the minimum point on their long-run average cost d) a) exit; covering only their total fixed costs b) enter, making zero economic profit enter, making zero normal profit an economic profit when new firms enter 46. The firms in a perfectly...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
st 3 ning: 1:44:09 Save balmi13r.11.152 It is not true in the long run of monopolies that O a. other firms seeking positive economic profit enter the market. b.they earn positive economic profit. c. they sell their output at a price greater than marginal cost. d.they benefit from barriers to entry. 0 Icon Key
st 3 ning: 1:44:09 Save balmi13r.11.152 It is not true in the long run of monopolies that O a. other firms seeking positive economic profit enter...
Possible Answers
1: Earn zero profit, Earn positive profit, shut down, operate at
a loss
2: Enter, Exit, Neither
3:Zero, Positive, Negative
4:10,15,20
Consider the perfectly competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average cost (AC), and average variable cost (AVC) curves shown on the following graph. 100 90 80 70 60 50 40 AC 30 20 AVC MC...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product and each firm comprises only a very small portion of the total market. 2. If a price-taker firm wants to sell its output, it must accept the market price, but it can sell as much output as it wishes at that market price. O N 3. For a price-taker firm, its marginal revenue from the sale of an addi- tional unit is generally less...
In the long run, all of the firms in a perfectly competitive industry will: produce an output level at which price is greater than average total cost. earn an economic profit greater than zero. produce at an output level at which average total cost equals marginal cost. exit the industry if price is greater than average total cost.
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