Homework Answers
C is right option
Perfectly Elastic Supply Curve is defined as a horizontal line reflecting a situation in which any price decrease drops the quantity supplied to zero under this conditions the elasticity value is infinity
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1 poin QUESTION 29 Suppose that a competitive market is initially in equilibrium. Then demand increases....
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...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
Perfectly competitive and monopoly firms are complete opposites. The monopoly demand curve is ___ while the...
Perfectly competitive and monopoly firms are complete
opposites.
The monopoly demand curve is ___ while the perfectly competitive
firm’s demand curve is ___. This is because a monopoly is the only
producer in an industry, so the monopoly firm’s ___ curve is the
same as the market demand curve, while the perfectly competitive
firm produces in a market with ___ competitors.
Perfectly competitive and monopoly firms are complete opposites. Drag word(s) below to fill in the blank(s) in the passage....
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement...
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
Suppose you are asked to analyze a competitive market with identical firms for the government. You...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p= 100 -0.01Q, The long-run market supply is: p = 20 Each firm's total cost function is: C(q) = 500 +0.2002 What is the marginal cost faced by each firm? MC=0 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number). Now suppose...
Suppose you are asked to analyze a competitive market with identical firms for the government. You...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p 100 0.01Q, = The long-run market supply is: p = 10 Each firm's total cost function is: = 500 +0.05q C(q) What is the marginal cost faced by each firm? МС 3 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number)...
1. Which of the following is NOT a characteristic of a monopolistically competitive market?
1. Which of the following is NOT a characteristic of a monopolistically competitive market?A. many sellers.B. differentiated products.C. long-run economic profits.D. free entry and exit.2. Which of the following products is likely to be sold in a monopolistically competitive market?A. video games.B. breakfast cereal.E. beer.D. all of the above.3. Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly?A. The monopolist faces a downward-sloping demand curve while the monopolistic competitor faces an elastic demand...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output of...
a declines continually as output increases. Question 8 In perfectly competitive long-run equilibrium: all firms make...
a declines continually as output increases. Question 8 In perfectly competitive long-run equilibrium: all firms make positive economic profits. all firms produce at the minimum point of their average total cost curves. the industry supply curve must be upward sloping. all firms face the same price, but the value of marginal cost will vary directly with firm size. Question 9
Suppose the market for wheat is perfectly competitive. Suppose further the long-run supply curve in this...
Suppose the market for wheat is perfectly competitive. Suppose further the long-run supply curve in this market is increasing. Explain briefly if and how each of the following varies as market quantity increases: i) The number of firms ii) Input prices iii) Long-run profits Suppose firms in a monopoly competitive market produce their profit-maximizing quantity, and their average total cost equals their marginal revenue. Should firm entry or exit in the long run?
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...
Perfectly competitive and monopoly firms are complete
opposites.
The monopoly demand curve is ___ while the perfectly competitive
firm’s demand curve is ___. This is because a monopoly is the only
producer in an industry, so the monopoly firm’s ___ curve is the
same as the market demand curve, while the perfectly competitive
firm produces in a market with ___ competitors.
Perfectly competitive and monopoly firms are complete opposites. Drag word(s) below to fill in the blank(s) in the passage....
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p= 100 -0.01Q, The long-run market supply is: p = 20 Each firm's total cost function is: C(q) = 500 +0.2002 What is the marginal cost faced by each firm? MC=0 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number). Now suppose...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p 100 0.01Q, = The long-run market supply is: p = 10 Each firm's total cost function is: = 500 +0.05q C(q) What is the marginal cost faced by each firm? МС 3 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number)...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output of...
a declines continually as output increases. Question 8 In perfectly competitive long-run equilibrium: all firms make positive economic profits. all firms produce at the minimum point of their average total cost curves. the industry supply curve must be upward sloping. all firms face the same price, but the value of marginal cost will vary directly with firm size. Question 9
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