Homework Answers
Positive economic profits mean the total revenue is greater than total cost. Here at price Pa the total revenue exceeds total cost. At price Pb total revenue equals total cost and at prices below Pb the total cost exceeds total revenue. Hence the answer is option- Pa
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e 14- Suppose a firm operating in a competitive market has the following cost curves: MC...
Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves 1...
Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ATC AVC Pd+--/.. Refer to Figure 14-2. If the market price is Pa, in the short run the firm will eam A.zero economic profits, B. negative economic profits and will shut down. C. negative economic profits but will try to remain open. Dpositive economic profits.
Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC...
Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC P7 プ , AVC P3 P2 . Q1 02 03 04 05 gaantity Refer to Figure 14-5. In the short run, if the market price is P2, indavidual firms in a competitive industry will eam positive profits. zero profits. losses but will remain in business. losses and will shut down e
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC ATC 27 AVC P6 BA P3 P2 P1 01 02 03 04 os இகனாது Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area P7 x Q5 b. P7 x Q3 (P7-P5) x Q3 d. We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled...
Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ++++++++++ AT...
Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ++++++++++ ATC Refer to Figure 14-3. If the market price is $10, what is the firm's short-run economic profit? $15 B. $30 C. $9 D. $50
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC PS P4 P3 B1 Q1 02 Q3 04 Paarip Refer to Figure 14-6. Firms will shut down in the short run if the market price a. exceeds P3. b. is less than P1. c. is greater than P1 but less than P3. O d. exceeds P2. சிவவடானே 59 30 ...
Figure 14-9 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-9 Suppose a firm operating in a competitive market has the following cost curves: Price D MC ATC Dearly c Refer to Figure 14-9. Which line segment best reflects the long-run supply curve for this firm? a. ABCD b. BC O C. ABC d. None of the above is correct. We must know the firm's average variable cost. O 30 MacBi
QUESTION 13 Suppose a firm operating in a perfectly competitive market has the following cost curves:...
QUESTION 13 Suppose a firm operating in a perfectly competitive market has the following cost curves: Firms will be encouraged to enter this market for all prices that exceed Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves Price : МC ATC AVC PS P4 P3 Quantity Q3 Q4 Q2 Q1 A. P1 В. р2 ОС. Р3 D None of the above is correct
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC Q1 02 03 04 05 Quantity Refer to Figure 14-5. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. At a market price of P2, the firm earns profits, not losses. b. At a market price of P2 the firm has losses, but the reference points in the figure don't identify the losses. C....
Figure 14-9 Suppose a firm operating in a competitive market has the following cost curves: 1...
Figure 14-9 Suppose a firm operating in a competitive market has the following cost curves: 1 Price MC ATC bongo A er to Figure 14-9. Which line segment best reflects the long-run supply curve for this n? a. ABCD b. BC C. ABC d. None of the above is correct. We must know the firm's average variable cost. 64 30 0 ...
Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ATC AVC Pd+--/.. Refer to Figure 14-2. If the market price is Pa, in the short run the firm will eam A.zero economic profits, B. negative economic profits and will shut down. C. negative economic profits but will try to remain open. Dpositive economic profits.
Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC P7 プ , AVC P3 P2 . Q1 02 03 04 05 gaantity Refer to Figure 14-5. In the short run, if the market price is P2, indavidual firms in a competitive industry will eam positive profits. zero profits. losses but will remain in business. losses and will shut down e
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC ATC 27 AVC P6 BA P3 P2 P1 01 02 03 04 os இகனாது Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area P7 x Q5 b. P7 x Q3 (P7-P5) x Q3 d. We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled...
Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ++++++++++ ATC Refer to Figure 14-3. If the market price is $10, what is the firm's short-run economic profit? $15 B. $30 C. $9 D. $50
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC PS P4 P3 B1 Q1 02 Q3 04 Paarip Refer to Figure 14-6. Firms will shut down in the short run if the market price a. exceeds P3. b. is less than P1. c. is greater than P1 but less than P3. O d. exceeds P2. சிவவடானே 59 30 ...
Figure 14-9 Suppose a firm operating in a competitive market has the following cost curves: Price D MC ATC Dearly c Refer to Figure 14-9. Which line segment best reflects the long-run supply curve for this firm? a. ABCD b. BC O C. ABC d. None of the above is correct. We must know the firm's average variable cost. O 30 MacBi
QUESTION 13 Suppose a firm operating in a perfectly competitive market has the following cost curves: Firms will be encouraged to enter this market for all prices that exceed Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves Price : МC ATC AVC PS P4 P3 Quantity Q3 Q4 Q2 Q1 A. P1 В. р2 ОС. Р3 D None of the above is correct
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC Q1 02 03 04 05 Quantity Refer to Figure 14-5. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. At a market price of P2, the firm earns profits, not losses. b. At a market price of P2 the firm has losses, but the reference points in the figure don't identify the losses. C....
Figure 14-9 Suppose a firm operating in a competitive market has the following cost curves: 1 Price MC ATC bongo A er to Figure 14-9. Which line segment best reflects the long-run supply curve for this n? a. ABCD b. BC C. ABC d. None of the above is correct. We must know the firm's average variable cost. 64 30 0 ...
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