Homework Answers
Ans: Firms are not identical.
Explanation:
It is not a reason for upward slope of supply curve under a perfectly competitive industry.
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mework Which of the following is not a reason why the long-run supply curve for a...
In reality, the long-run supply curve for a perfectly competitive market is upward sloping because: Multiple...
In reality, the long-run supply curve for a perfectly competitive market is upward sloping because: Multiple Choice experienced firms will have different information and costs than new firms. not all firms have identical cost structures. of changing costs of production that firms may face. All are correct.
Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry...
Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry supply curve is not the long-run industry marginal cost curve because O A. production will only occur along the long-run marginal cost curve for prices above average variable cost. O B. at prices above the minimum long-run average cost of production, firms will exit the industry. O C. production will only occur along the long-run marginal cost curve when profits are earned. O D....
Which of the following will increase both the short-run and long-run aggregate supply curves? A. There...
Which of the following will increase both the short-run and long-run aggregate supply curves? A. There are fewer firms involved in perfectly competitive and monopolistically competitive market structures as the economy features more oligopolies than before. B. The wage rate temporarily decreases throughout the economy. C. Younger workers in the labour force receive better and more training than their predecessors. D. The supply of key raw materials, such as petroleum and bauxite, is reduced. Which of the following is true...
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...
Why does the short-run aggregate supply curve slope upward? O A. Profits rise when the prices...
Why does the short-run aggregate supply curve slope upward? O A. Profits rise when the prices of the goods and services firms sell rise more rapidly than the prices they pay for inputs. O B. An increase in market prices results in an increase in quantities supplied, as stated by the law of supply. O C. As the number of workers, machinery, and equipment increase, and technological changes occurs, quantity supplied increases. O D. All of the above cause the...
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC....
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output of...
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the...
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the industry: -is a constant-cost industry. -is an increasing-cost industry. -exhibits constant returns to scale. -exhibits increasing returns to scale. -is a decreasing-cost industry.
Attempts: Keep the Highest: /4 7. Short-run supply and long-run equilibrium Consider the perfectly competitive...
Attempts: Keep the Highest: /4 7. Short-run supply and long-run equilibrium Consider the perfectly competitive market for copper. 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 cost (AC), and average variable cost (AVC) curves shown on the following graph 100 60 AVC 0 10 20 3040 50 60 800100 Use the orange points (square symbol) to plot the initial short-run industry supply curve...
5. Short-run supply and long-run equilibrium Consider the perfectly competitive market for steel. Assume that, regardless...
5. Short-run supply and long-run equilibrium Consider the perfectly competitive market for steel. 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. COSTS (Dollars per ton) + MC D AVC 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of tons) The following diagram shows the...
Explain why the industry supply curve is not the long-run industry marginal cost curve. The industry supply curve is not the long-run industry marginal cost curve because O A. production will only occur along the long-run marginal cost curve for prices above average variable cost. O B. at prices above the minimum long-run average cost of production, firms will exit the industry. O C. production will only occur along the long-run marginal cost curve when profits are earned. O D....
Why does the short-run aggregate supply curve slope upward? O A. Profits rise when the prices of the goods and services firms sell rise more rapidly than the prices they pay for inputs. O B. An increase in market prices results in an increase in quantities supplied, as stated by the law of supply. O C. As the number of workers, machinery, and equipment increase, and technological changes occurs, quantity supplied increases. O D. All of the above cause the...
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
31 In perfectly competitive industries: A. the shont-run market supply curves are positively sloped в. long-rusniustry supply curve,are positively sloped. C. the short-run D. All of the above E. Only B and C are correct market supply curves are more clastic than the long-run industry supply curvers s3. Assame a perfectly-competitive, increasing-cost industry composed of identical firms is initially in long-run equilibrium. Given a decrease in demand, in the short ran: equilbrium price decreases, equilibrium output increases, the output of...
Attempts: Keep the Highest: /4 7. Short-run supply and long-run equilibrium Consider the perfectly competitive market for copper. 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 cost (AC), and average variable cost (AVC) curves shown on the following graph 100 60 AVC 0 10 20 3040 50 60 800100 Use the orange points (square symbol) to plot the initial short-run industry supply curve...
5. Short-run supply and long-run equilibrium Consider the perfectly competitive market for steel. 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. COSTS (Dollars per ton) + MC D AVC 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of tons) The following diagram shows the...
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