The short run is defined as a period of time where Select one: a. some of...
The short run is defined as a period of time where
Select one:
a. some of a firm's inputs are fixed
b. all inputs can be changed, but only for a little while and then must be changed back to their original levels.
c. only a small number of firms can enter or exit the industry.
d. the firm always breaks even (earns zero profit).
Homework Answers
Short run is defined as the run in which only one factor of production is fixed and all the other factors of production are variable in nature.
So, Here option A is correct that is some of a firm's input are fixed.
Add Answer to:
The short run is defined as a period of time where
Select one:
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28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual f...
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The short run is defined as: less than six months. the period before entry or exit...
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Identify whether each statement describes the market period, the short run, or the long run. Output...
Identify whether each statement describes the market period, the short run, or the long run. Output and the number of firms are fixed. Plant capacity is flexible. Firms can enter and exit an industry. Plant capacity and the number of firms are fixed. Firms can employ more labor if needed. short run long run market period
If firms in a monopol istically competitive industry are experiencing economic losses in the short run,...
If firms in a monopol istically competitive industry are experiencing economic losses in the short run, the industry some firms will demand until each firm earns a normal profit exit; increasing exit; reducing enter; increasing enter; reducing In an oligopoly, all the firms: compete over price alone. take their competitors into account when they make pricing decisions. Ocompete over advertising. face easy entry and exit from the market.
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If there were 10 firms in this market, the short-run equilibrium price of copper would be...
If there were 10 firms in this market, the short-run equilibrium
price of copper would be $___ per pound. At that price firms in
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Because you know that competitive firms earn (positive / zero /
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12. In the long run: A. there will be no entry or exit of firms in...
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28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry b. Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry. c. Because the price is below the firm's average variable costs, the firms will shut down. d....
Identify whether each statement describes the market period, the short run, or the long run. Output and the number of firms are fixed. Plant capacity is flexible. Firms can enter and exit an industry. Plant capacity and the number of firms are fixed. Firms can employ more labor if needed. short run long run market period
If firms in a monopol istically competitive industry are experiencing economic losses in the short run, the industry some firms will demand until each firm earns a normal profit exit; increasing exit; reducing enter; increasing enter; reducing In an oligopoly, all the firms: compete over price alone. take their competitors into account when they make pricing decisions. Ocompete over advertising. face easy entry and exit from the market.
5. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 16, 52 COSTS (Dollars per pound) AVC + D + 0 + 3 MC D + + + + + + + 6 9 12 15 18 21 24...
If there were 10 firms in this market, the short-run equilibrium
price of copper would be $___ per pound. At that price firms in
this industry would (shut down / operate at a loss / earn zero
profit / earn a positive profit). Therefore, in the long run firms
would (enter / exit / neither enter nor exit) the copper
market.
Because you know that competitive firms earn (positive / zero /
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12. In the long run: A. there will be no entry or exit of firms in this industry B. new firms enter the industry and curve A shifts to the right. C. firms exit this industry and curve A shifts to the left D. new firms enter this industry and curve F shifts to the right Questions 1- 14 refer to Figure 1 I. The industry's short-run supply curve is curve A. A H B. С.Е. D. F 2. The...
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