Homework Answers
As firms in perfectly competitive market are price taker, they take market price as given and the demand curve is perfectly elastic and is equal to marginal revenue. Hence the answer will be:
it is a horizontal line drawn at the market price since the firm is a price taker.
Add Answer to:
Which of the following is characteristic of a perfectly competitive firm's demand curve? it is a...
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic....
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic. b) Perfectly inelastic. c) Downward sloping to the right. d) Upward sloping to the right. 3. A firm in a competitive market will seek to... a) Minimize total costs. b) Maximize total revenue. c) Minimize marginal cost. d) Maximize the difference between total revenue and total cost. e) Maximize the difference between marginal revenue and marginal cost. In the short-run, if a firm's marginal...
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...
The demand curve for an individual perfectly competitive firm is: O perfectly inelastic. equal to the...
The demand curve for an individual perfectly competitive firm is: O perfectly inelastic. equal to the firm's average variable cost curve. O perfectly elastic. identical to the market demand curve.
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...
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize...
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize there are very few firms, and each controls a large segment of the market. entry into the industry is restricted in the long run. there are many relatively small firms, and each firm is a price-taker. c. t If a firm is a price-taker, it: sells its product at the price determined by the market. sells its product at the...
What explains the horizontal demand curve for a Firm in a perfectly competitive market? How does...
What explains the horizontal demand curve for a Firm in a perfectly competitive market? How does this differ from the Market demand curve in a perfectly competitive market? Explain the behavior of marginal revenue in a Market compared to a Firm.
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....
In a perfectly competitive market, the market supply curve is a. the vertical sum of all...
In a perfectly competitive market, the market supply curve is a. the vertical sum of all the individual firms' supply curves. b. always a horizontal line. c. the marginal cost curve above average total cost for a representative firm. d. the horizontal sum of all the individual firms' supply curves. Table 14-11 Suppose that a firm in a competitive market faces the following prices and costs: Price Quantity Total Cost $5 $3 $5 $8 $12 $17 $5 $23 Refer to...
Suppose the inverse demand curve for a commodity in a perfectly competitive market takes the functional...
Suppose the inverse demand curve for a commodity in a perfectly competitive market takes the functional form: P (Q) = -.1Q + 10. Additionally, the firm’s marginal cost (MC) takes the following functional form: MC = 4 + 2Q. Recalling that a perfectly competitive firm is a price-taker in the market and its profit-maximizing output level (Qe) is always found by equating its price with its marginal cost: P = MC. Given all this, how much output (Qe) should the...
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select...
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select ] ["downward sloping", "unit-elastic", "perfectly inelastic", "perfectly elastic"] meaning that the demand curve is also the [ Select ] ["Marginal Cost curve", "average cost", "marginal revenue = Marginal costs", "marginal revenue curve"] 2. With a perfectly competitive firm the supply curve is: a) Marginal Product b) the marginal cost curve above the Average fixed Cost curve c) it has...
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic. b) Perfectly inelastic. c) Downward sloping to the right. d) Upward sloping to the right. 3. A firm in a competitive market will seek to... a) Minimize total costs. b) Maximize total revenue. c) Minimize marginal cost. d) Maximize the difference between total revenue and total cost. e) Maximize the difference between marginal revenue and marginal cost. In the short-run, if a firm's marginal...
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...
The demand curve for an individual perfectly competitive firm is: O perfectly inelastic. equal to the firm's average variable cost curve. O perfectly elastic. identical to the market demand curve.
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize there are very few firms, and each controls a large segment of the market. entry into the industry is restricted in the long run. there are many relatively small firms, and each firm is a price-taker. c. t If a firm is a price-taker, it: sells its product at the price determined by the market. sells its product at 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....
In a perfectly competitive market, the market supply curve is a. the vertical sum of all the individual firms' supply curves. b. always a horizontal line. c. the marginal cost curve above average total cost for a representative firm. d. the horizontal sum of all the individual firms' supply curves. Table 14-11 Suppose that a firm in a competitive market faces the following prices and costs: Price Quantity Total Cost $5 $3 $5 $8 $12 $17 $5 $23 Refer to...
Most questions answered within 3 hours.
-
A cohort study is conducted to determine whether smoking is
associated with an increased risk of...
asked 22 seconds from now -
A statistics student finds herself struggling with a newspaper
article stating that only eighteen percent of...
asked 25 seconds ago -
Create the pseudo-code/flowchart for an application class named
Monogram. Its main() method inputs three variables that...
asked 9 seconds ago -
How many liters of water are required to dissolve 1.00 g of
silver chromate? Express your...
asked 2 minutes ago -
Hot: T_inlet = 80, T_out = 65
Cold: T_inlet = 10, T_out = 25
Explain in...
asked 3 minutes ago -
Two protons fly in different directions and collide. They both
have a total energy of 1.5...
asked 12 minutes ago -
What is the oxidation number of each atom in sodium phosphate,
Na3PO4?
>>> SHOW YOUR WORK...
asked 18 minutes ago -
D company purchased goods with a list price of $60000, subject
to trade discounts of 20%...
asked 21 minutes ago -
Transposable elements make up more than 40% of the human genome
and are inserted more-or-less randomly...
asked 32 minutes ago -
Can I get some samples of the following:
1) Write four sentences in first person, singular....
asked 37 minutes ago -
Described how search engines work. Be sure to describe in detail
.
asked 37 minutes ago -
The position of a particle as a function of time is given by
x=(2.0m/s)t+(−3.0m/s3)t^3. Part A...
asked 42 minutes ago