For a perfectly competitive firm, which of the following is NOT true? A. The slope of...
For a perfectly competitive firm, which of the following is NOT true?
A.
The slope of the total revenue curve is equal to the product price.
B.
The total revenue curve begins at the origin and slopes upward as output increases.
C.
The average revenue curve, the demand and the marginal revenue curves are identical.
D.
The total revenue curve is horizontal.
Homework Answers
Answer : The answer is option D.
For perfectly competitive firm the total revenue curve is straight line upward sloping. It is not horizontal. Hence except option D other options are not correct. Therefore, option D is the correct answer.
Add Answer to:
For a perfectly competitive firm, which of the following is
NOT true?
A.
The slope of...
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...
Which of the following is true with respect to a perfectly competitive firm? It will make...
Which of the following is true with respect to a perfectly competitive firm? It will make small economic profits always or go out of business A perfectly competitive firm has a perfectly inelastic demand curve At profit maximization the perfectly competitive firm operates where total revenue is maximized as well The perfectly competitive firms supply curve is its marginal cost curve above AVC All of the above are true with respect to a perfectly competitive firm Question 5 1 pts...
Please answer the following 3 questions: QUESTION 1 In the short run, the perfectly competitive firm...
Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
please answer all 16. To say that a firm is a price taker means that: a....
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
The marginal revenue curve for a perfectly competitive firm is O A. vertical O B. a...
The marginal revenue curve for a perfectly competitive firm is O A. vertical O B. a straight line coming out of the origin with a 45 degree slope. O C. downward sloping. O D. upward aloping CE horizontal A cartel is a group of firms acting together to output, price, and increase O A. increase; raise; marginal revenue O B. limit; lower; total revenue O c. limit: raise; economic profit O D. increase; raise; economic profit
In which of the following types of markets does a single firm have the most market...
In which of the following types of markets does a single firm have the most market power? Multiple Choice Perfect competition. Monopolistic competition. Oligopoly Monopoly A perfectly competitive firm is a price taker because Multiple Choice The price of the product is determined by many buyers and sellers It has market power. Market supply is upward-sloping. Its products are differentiated. Competitive firms cannot individually affect market price because Multiple Choice There is an infinite demand for their goods. Demand is...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
Microeconomic question perfectly competitive firm is The following figure shows the marginal cost, average total cost,...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a...
QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a horizontal supply function. perfectly elastic demand. QUESTION 10 The short-run industry supply curve slopes up because the law of diminishing marginal product applies in the short run. wages increase as the industry increases output. the firms eventually experience diseconomies of scale. the higher price is needed to get more firms to enter the industry.
Which of the following is true with respect to a perfectly competitive firm? It will make small economic profits always or go out of business A perfectly competitive firm has a perfectly inelastic demand curve At profit maximization the perfectly competitive firm operates where total revenue is maximized as well The perfectly competitive firms supply curve is its marginal cost curve above AVC All of the above are true with respect to a perfectly competitive firm Question 5 1 pts...
Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
The marginal revenue curve for a perfectly competitive firm is O A. vertical O B. a straight line coming out of the origin with a 45 degree slope. O C. downward sloping. O D. upward aloping CE horizontal A cartel is a group of firms acting together to output, price, and increase O A. increase; raise; marginal revenue O B. limit; lower; total revenue O c. limit: raise; economic profit O D. increase; raise; economic profit
In which of the following types of markets does a single firm have the most market power? Multiple Choice Perfect competition. Monopolistic competition. Oligopoly Monopoly A perfectly competitive firm is a price taker because Multiple Choice The price of the product is determined by many buyers and sellers It has market power. Market supply is upward-sloping. Its products are differentiated. Competitive firms cannot individually affect market price because Multiple Choice There is an infinite demand for their goods. Demand is...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a horizontal supply function. perfectly elastic demand. QUESTION 10 The short-run industry supply curve slopes up because the law of diminishing marginal product applies in the short run. wages increase as the industry increases output. the firms eventually experience diseconomies of scale. the higher price is needed to get more firms to enter the industry.
Most questions answered within 3 hours.
-
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 5 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 9 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 12 minutes ago -
On October 1, 20X1, a company purchased a piece of land by
agreeing to pay the...
asked 24 minutes ago -
Jamie is doing a survey at her school about whether the students
feel the cafeteria food...
asked 29 minutes ago -
What are the roles of 3' and 5' untranslated regions in
mRNAs?
asked 30 minutes ago -
A domestic television receives antenna delivers a sky noise
power of -105 dBm to a matched...
asked 29 minutes ago -
What do you think are the chemical reactions involved in the
breathalyzer tests administered to potentially...
asked 44 minutes ago -
A random sample of 120 observations produces a mean of
38.2 from a population with a...
asked 51 minutes ago -
The average area of land burned by forest fires every year in
Canada is 2.5 million...
asked 53 minutes ago -
36. The basic difference between government bureaus and market
firms is that bureaus:
a. can...
asked 53 minutes ago -
java
- A recursive method findR() to search for a number in list
(ArrayList)
- A...
asked 1 hour ago