Homework Answers
The correct answer is B.
marginal revenue of a perfect competition is equal to the price of the good at which there is an equilibrium. MR=P
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If a business in a perfectly competitive industry is confronted with an equilibrium price of $5,...
If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of...
If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of a donut Question 20 options: A) equals long-run average cost. B) is greater than marginal cost. C) is greater than long-run average cost. D) is greater than short-run average cost. The industry that produces zangs is in long-run equilibrium. Then the demand for zangs increases permanently. As a result, firms in the industry will ________. Some firms will ________ the industry, and the industry...
1. (5 points) Assume that a perfectly competitive industry is in long run equilibrium. Then an...
1. (5 points) Assume that a perfectly competitive industry is in long run equilibrium. Then an improvement in technology reduces the average total cost and marginal cost of all firnis. In the long run what happens to price, economic profits, and number of firms in the industry? Please give an explanation.
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...
D Question 25 1 pts Price in a perfectly competitive industry is determined by each firm,...
D Question 25 1 pts Price in a perfectly competitive industry is determined by each firm, depending on its costs of production. O is indeterminate in the short run is always equal to marginal revenue for the firm. O must be greater than average total cost or the firm will shut down in the short run.
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...
QUESTION 6 Industry is a perfectly competitive industry. Assume that as a result of changes in...
QUESTION 6 Industry is a perfectly competitive industry. Assume that as a result of changes in other markets there is a twenty percent increase in the price of variable inputs used by firms in industry Y. After all adjustments have taken place, we would expect the equilibrium price in industry Yto: increase and the number of firms to increase. decrease and the number of firms to increase. increase and the number of firms to decrease. decrease and the number of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
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.
estion 9 yet wered its out of For the perfectly competitive firm,price MR; for the monopolistprice re _its marginal...
estion 9 yet wered its out of For the perfectly competitive firm,price MR; for the monopolistprice re _its marginal revenue curve, the monopolist's demand curve_ MR. The perfectly competitive firm's demand its marginal revenue curve. - Flag Select one: O a. less than greater than, lies below, lies above b. cquals; is greater than; is; lies above O c.equals, is less than is; lies below o d greater than, equals; lies above is Previous page Next page MacBook Air o...
Compared to a perfectly competitive industry, a single-price monopoly produces OA less output OB. more output...
Compared to a perfectly competitive industry, a single-price monopoly produces OA less output OB. more output OC. the same output GEO D. some amount that might be more, less, or the same depending on whether the monopoly's marginal revenue curve lies above, below, or on its demand curve E OE some amount that might be more, less, or the same depending on whether the monopoly's marginal cost curve lies above, below, or on its marginal revenue curve
1. (5 points) Assume that a perfectly competitive industry is in long run equilibrium. Then an improvement in technology reduces the average total cost and marginal cost of all firnis. In the long run what happens to price, economic profits, and number of firms in the industry? Please give an explanation.
D Question 25 1 pts Price in a perfectly competitive industry is determined by each firm, depending on its costs of production. O is indeterminate in the short run is always equal to marginal revenue for the firm. O must be greater than average total cost or the firm will shut down in the short run.
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...
QUESTION 6 Industry is a perfectly competitive industry. Assume that as a result of changes in other markets there is a twenty percent increase in the price of variable inputs used by firms in industry Y. After all adjustments have taken place, we would expect the equilibrium price in industry Yto: increase and the number of firms to increase. decrease and the number of firms to increase. increase and the number of firms to decrease. decrease and the number of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
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.
estion 9 yet wered its out of For the perfectly competitive firm,price MR; for the monopolistprice re _its marginal revenue curve, the monopolist's demand curve_ MR. The perfectly competitive firm's demand its marginal revenue curve. - Flag Select one: O a. less than greater than, lies below, lies above b. cquals; is greater than; is; lies above O c.equals, is less than is; lies below o d greater than, equals; lies above is Previous page Next page MacBook Air o...
Compared to a perfectly competitive industry, a single-price monopoly produces OA less output OB. more output OC. the same output GEO D. some amount that might be more, less, or the same depending on whether the monopoly's marginal revenue curve lies above, below, or on its demand curve E OE some amount that might be more, less, or the same depending on whether the monopoly's marginal cost curve lies above, below, or on its marginal revenue curve
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