Homework Answers
last option will be the answer
because currently selling price is lower than the cost, so firms will have to exit to reduce supplies to bring equilibriumin the market resulting in rise in prices
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Question 3 (1 point) Zhang has a store that sells beach chairs. He is currently able...
Please help with these questions Question 37 0.4 pts Use the following scenario to answer the...
Please help with these questions
Question 37 0.4 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston, Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will stay where it is. increase in the short run decrease in the long run. decrease in the...
Question 7 5 pts If the typical form in a perfectly competitive market is currently earning...
Question 7 5 pts If the typical form in a perfectly competitive market is currently earning a 5% economic pront, what will happen in this market in the long run? O new firms will enter until the economic profits have disappeared. firms will exit until the economic profit reaches 10% firms will neither enter norexit, since 5% economic profit is enough to maintain the existing number of firms in the market. It depends on the rate of normal profit in...
Suppose firms in a monopolistically competitive industry currently charge a price less than their average total...
Suppose firms in a monopolistically competitive industry currently charge a price less than their average total cost. What will be the profitability for firms in the short and long term? 1) In the short run, firms in this market will A) make a loss. B) break even. C) make a profit. 2) In the long run, firms in the market will A) break even or exit the market. B) make a loss. C) make a profit. 3) What will happen...
Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in...
Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl market. The factory is currently producing 100 bowls at an average total cost of $10 per bowl. It is making $1,500 of economic profit in the short run. What is the market price of bowls? $35 $30 $25 $20 Previous Page Next Page Page 33 of 34
Question 34 (1 point) Assume the market for wheat is perfectly competitive. At the current price...
Question 34 (1 point) Assume the market for wheat is perfectly competitive. At the current price of wheat wheat farmers are making a large economic loss. Which of the follow would we expect to happen in the long run? More firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat falls More firms produce wheat and the price of wheat falls
4. Which of the following is NOT a true statement about market conditions for firms under...
4. Which of the following is NOT a true statement about market conditions for firms under perfect competition a. Each firm will produce as efficiently as possible b. Consumer surplus is maximized. c. Economic profits of firms will always be zero in the long run. d. Government intervention must move markets to equilibrium. c. Price - Long-Run Marginal Cost - min Long-Run Average Cost 5. In the market shown on the graph on the right ATC a. Mark profit maximizing...
Part 1. 1. Use the figure above to answer this question. Consider a perfectly competitive market experiencing good time...
Part 1.
1. Use the figure above to answer this question.
Consider a perfectly competitive market experiencing good times.
Figure ________ shows a firm maximizing profit in the LONG RUN
because it produces ________ units and makes an economic profit of
________.
A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
Part 2.
2. The figure above shows a firm's demand and marginal
revenue curves...
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...
Please help with these questions Question 21 0.4 pts The market for candles is perfectly competitive...
Please help with these questions
Question 21 0.4 pts The market for candles is perfectly competitive and is currently in equilibrium. What will happen if candles are later linked to more houses catching on fire? In the short run, firms will incur economic losses, but in the long run, firms will enter the market, bringing economic profits back up to zero In the short run, firms will experience economic profits, but in the long run, firms will enter the market,...
24. Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building...
24. Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues...
Please help with these questions
Question 37 0.4 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston, Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will stay where it is. increase in the short run decrease in the long run. decrease in the...
Question 7 5 pts If the typical form in a perfectly competitive market is currently earning a 5% economic pront, what will happen in this market in the long run? O new firms will enter until the economic profits have disappeared. firms will exit until the economic profit reaches 10% firms will neither enter norexit, since 5% economic profit is enough to maintain the existing number of firms in the market. It depends on the rate of normal profit in...
Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl market. The factory is currently producing 100 bowls at an average total cost of $10 per bowl. It is making $1,500 of economic profit in the short run. What is the market price of bowls? $35 $30 $25 $20 Previous Page Next Page Page 33 of 34
Question 34 (1 point) Assume the market for wheat is perfectly competitive. At the current price of wheat wheat farmers are making a large economic loss. Which of the follow would we expect to happen in the long run? More firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat falls More firms produce wheat and the price of wheat falls
4. Which of the following is NOT a true statement about market conditions for firms under perfect competition a. Each firm will produce as efficiently as possible b. Consumer surplus is maximized. c. Economic profits of firms will always be zero in the long run. d. Government intervention must move markets to equilibrium. c. Price - Long-Run Marginal Cost - min Long-Run Average Cost 5. In the market shown on the graph on the right ATC a. Mark profit maximizing...
Part 1.
1. Use the figure above to answer this question.
Consider a perfectly competitive market experiencing good times.
Figure ________ shows a firm maximizing profit in the LONG RUN
because it produces ________ units and makes an economic profit of
________.
A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
Part 2.
2. The figure above shows a firm's demand and marginal
revenue curves...
Please help with these questions
Question 21 0.4 pts The market for candles is perfectly competitive and is currently in equilibrium. What will happen if candles are later linked to more houses catching on fire? In the short run, firms will incur economic losses, but in the long run, firms will enter the market, bringing economic profits back up to zero In the short run, firms will experience economic profits, but in the long run, firms will enter the market,...
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