Homework Answers
The long run average cost curve is a function which shows the lowest average cost of producing at any level of output. This line is mostly a straight horizontal line. the answer is "B".
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For any firm, what is the long-run average cost curve? O A A downward sloping line...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _a...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _and the firm is experiencing O A. horizontal, constant returns to scale OB. upward sloping; diseconomies of scale O C. downward sloping; constant returns to scale OD. downward sloping, economies of scale
QUESTION 24 In the long run, which of the following will never occur at any level...
QUESTION 24 In the long run, which of the following will never occur at any level of output for a perfectly competitive firm? oa P» АТС MRMC c. PMR ed. All the given answers can occur QUESTION 25 The short run supply curve for a perfectly competitive firm is a could be upward sloping, downward sloping or horizontal depending on whether the industry is constant cost, increasing cost or decreasing cost industry b. upward sloping c. downward sloping d horizontal...
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...
DI Question 3 1 pts A monopoly's demand curve is O vertical. O downward-sloping. O horizontal....
DI Question 3 1 pts A monopoly's demand curve is O vertical. O downward-sloping. O horizontal. O upward-sloping D Question 4 1 pts A monopolist is able to maximize its profits by D setting the price at the level that will maximize its pfer unit proft. setting output at MR - MC and setting price at the demand curve's highest point. producing output where MR - MC and charging the price corresponding to that output level on the demand curve...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of:...
QUESTION 30 A downward-sloping portion of a long-run average total cost curve is the result of: economies of scale. diseconomies of scale. diminishing returns. the existence of fixed resources. 2.5 points QUESTION 31 In the long run, firms in many industries often experience a falling average total cost curve as a result of: gains through trade. increasing marginal returns. economies of scale. lower fixed costs. 2.5 points QUESTION 32 A large aircraft manufacturer, like Boeing, may have a...
The long-run market supply curve is Choose one :A. downward sloping. B. vertical at the profit-maximizing...
The long-run market supply curve is
Choose one
:A. downward sloping.
B. vertical at the profit-maximizing output level.
C. horizontal at the market price.
D. upward sloping.
Price MC ATC Price P= min. ATC MR -------- 9 Firm's quantity (9) (a) Individual Firm Market quantity (Q) (b) Market We were unable to transcribe this image
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
A19. When all of a firm's inputs are doubled, input prices do not change, and this...
A19. When all of a firm's inputs are doubled, input prices do not change, and this results in the firm's level of production more than doubling, a firm is operating: (A) on the upward-sloping portion of its long-run average total cost curve. (B) on the downward-sloping portion of its long-run average total cost curve. (C) at the minimum of its long-run average total cost curve. (D) on the upward-sloping portion of its marginal cost curve. (E) on the stretch of...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If th...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm.
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is _and the firm is experiencing O A. horizontal, constant returns to scale OB. upward sloping; diseconomies of scale O C. downward sloping; constant returns to scale OD. downward sloping, economies of scale
QUESTION 24 In the long run, which of the following will never occur at any level of output for a perfectly competitive firm? oa P» АТС MRMC c. PMR ed. All the given answers can occur QUESTION 25 The short run supply curve for a perfectly competitive firm is a could be upward sloping, downward sloping or horizontal depending on whether the industry is constant cost, increasing cost or decreasing cost industry b. upward sloping c. downward sloping d horizontal...
DI Question 3 1 pts A monopoly's demand curve is O vertical. O downward-sloping. O horizontal. O upward-sloping D Question 4 1 pts A monopolist is able to maximize its profits by D setting the price at the level that will maximize its pfer unit proft. setting output at MR - MC and setting price at the demand curve's highest point. producing output where MR - MC and charging the price corresponding to that output level on the demand curve...
The long-run market supply curve is
Choose one
:A. downward sloping.
B. vertical at the profit-maximizing output level.
C. horizontal at the market price.
D. upward sloping.
Price MC ATC Price P= min. ATC MR -------- 9 Firm's quantity (9) (a) Individual Firm Market quantity (Q) (b) Market We were unable to transcribe this image
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
.Question Completion Status QUESTION 11 Suppose a firm doubles its employment of all inptuts in the long run. If this action more than doubles the amount of capital produced, then this firm is experiencing O Increasing returns to scale diminishing marginal returns o technological progress O positive marginal revenue QUESTION 12 When input prices are fixed, decreasing returns to scale implies that the long run average cost curve is downward sloping O horizontal upward sloping O Ushaped QUESTION 13 If...
7. Long-run cost relationships The following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average total cost curve (LRATC); for example, Q1 marks the point of tangency between SRATC1 and LRATC The orange point on SRATCs indicates the firm's current output level in the short run (Q5). SRATC SRATC SRATC4...
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