Question

7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how man

Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the mark

If there were 10 firms in this market, the short-run equilibrium price of titanium would be per pound. At that price, firms i

First Blue blank choices: earn a positive profit, operate at a loss, earn zero profit, shut down.

Second Blue Blank Choices: enter, exit, neither enter nor exit

Third Blue Blank Choices: negative, positive, zero

Last Blank: 10, 15, 20

0 0
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Answer #1
P    QS-1 FIRM QS-10 FIRMS QS-15 FIRMS QS-20 FIRMS
10 0 0 0 0
15 30000 300000 450000 600000
30 40000 400000 600000 800000
40 45000 450000 675000 900000
70 55000 550000 825000 1100000
90 60000 600000 900000 1200000

Supply (10 firms) Supply (15 firms) PRICE (Dollars per pound) Supply (20 firms) Demand 0 125 250 375 500 625 750 875 1000 112

Blanks:-

1) 40

2)  earn a positive profit

3) enter

4) zero

5) 30

6) 15 firms

the statement is true

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