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It must be equal to greater than the variable cost, variable cost is the cost of production for the firm in the market, below this cost the firm will be losing as they produce, so they will stop production altogether.
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for a perfectly competive firm to operate and Produce an output level in the shortrun, the...
At its present level of output of 100 units, a perfectly competitive firm discovers that (i)...
At its present level of output of 100 units, a perfectly competitive firm discovers that (i) its total fixed costs are $200 and (ii) its marginal cost is $7 and equal to average total cost. At an output level of 50 units, marginal cost is $4 and equal to average variable cost. The price of the commodity being produced is $6. At present level of output, the firm experiences A) losses equal to its total fixed cost. B) zero profits....
At what output level would a profit-maximizing perfectly competitive firm NEVER operate at? a. at an...
At what output level would a profit-maximizing perfectly competitive firm NEVER operate at? a. at an output level where it would lose more than its total fixed costs b. at an output level where it was NOT earning a positive economic profit c. at an output level where it was NOT earning a zero economic profit d. at an output level where it was NOT earning an accounting profit
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.
In the long run, a monopolistically competitive firm will not produce at the output level that...
In the long run, a monopolistically competitive firm will not produce at the output level that minimizes average cost because: Group of answer choices demand is horizontal. that would leave the firm with excess capacity. Price is greater than MR at that output level. MC is less than MR at that output level. MC is greater than MR at that output level.
In a perfectly competitive market, a firm profit maximizes by choosing to produce the level of...
In a perfectly competitive market, a firm profit maximizes by choosing to produce the level of output for which a. marginal revenue equals marginal cost. b. total revenue equals marginal costs. c. externalities are minimized. d. net social benefits are greatest. e. marginal costs are minimized. . if economic profits are positive for firms in a perfectly competitive market, then a. market supply will shift to the left. b. each firm will decrease production. c. new firms will enter the...
A profit-maximizing firm with market power will always produce a level of output where a. demand...
A profit-maximizing firm with market power will always produce a level of output where a. demand is elastic. b. demand is inelastic. c. price is greater than average total cost. d. marginal revenue is greater than average total cost.
For a perfectly competitive firm, marginal revenue equals marginal cost at 250 units of output. At...
For a perfectly competitive firm, marginal revenue equals marginal cost at 250 units of output. At 250 units, price is greater than average variable cost. It necessarily follows that the Select one: a. marginal cost curve must have an upward-sloping portion and a downward-sloping portion. b. firm must be earning a profit. c. firm should continue to produce in the short run. d. firm should shut down its operation in the short run Next page Seo w
A monopolistically competitive firm that wishes to maximize profits will choose to produce that level of output...
A monopolistically competitive firm that wishes to maximize profits will choose to produce that level of output where: Price of the good is equal to the marginal revenue of producing the last unit of the good Price of the good is equal to the marginal cost of producing the last unit of the good. Marginal revenue is equal to marginal cost. ATC is at the lowest point possible. An industry has eight firms with the following market shares: 5%, 20%,...
3. A firm in a perfectly competitive market will produce no output in the short run...
3. A firm in a perfectly competitive market will produce no output in the short run if the price is below $18 but will produce if the price is above $18. The smallest quantity they will produce in the short run is 8. Firms will earn 0 economic profit if the price is $74 and its profit maximizing quantity is 12 at that price. The firm’s fixed cost is $576. Assume the good can be produced in continuous quantities. Draw...
The following information is relevant for an individual firm operating in a perfectly competitive market. Output...
The following information is relevant for an individual firm operating in a perfectly competitive market. Output 30 Variable Cost $2,700 Fixed Cost $130 Marginal Cost $80 Price $80 What will be the firm's production decision in the short-run? Exit Operate Other firms will enter into the market Shutdown
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.
For a perfectly competitive firm, marginal revenue equals marginal cost at 250 units of output. At 250 units, price is greater than average variable cost. It necessarily follows that the Select one: a. marginal cost curve must have an upward-sloping portion and a downward-sloping portion. b. firm must be earning a profit. c. firm should continue to produce in the short run. d. firm should shut down its operation in the short run Next page Seo w
A monopolistically competitive firm that wishes to maximize profits will choose to produce that level of output where: Price of the good is equal to the marginal revenue of producing the last unit of the good Price of the good is equal to the marginal cost of producing the last unit of the good. Marginal revenue is equal to marginal cost. ATC is at the lowest point possible. An industry has eight firms with the following market shares: 5%, 20%,...
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