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Choose the correct answers from the drop down menu. As compared to a perfectly competitive market,...
in the drop down menu is possible or not possible A perfectly competitive firm's marginal cost curve is upward sloping but not vertical. If the price of the product increases, in the short run it is for the firm's economic profit to decrease (or for its economic loss to increase) Which of the following statements explain the above argument? (Check all that apply.) A. It is not possible if the firm produces at any point on the marginal cost curve....
What explains the horizontal demand curve for a Firm in a perfectly competitive market? How does this differ from the Market demand curve in a perfectly competitive market? Explain the behavior of marginal revenue in a Market compared to a Firm.
Choose the correct word from the drop down menu to complete the sentence below. If firms do not clean up their pollution, the price will be _than if there was no pollution Choose... and quantity will be than if there was no pollution Choose...
For each of the drop down menus, choose the answer that makes the following statement correct. For firms in perfectly (purely) competitive markets, long run economic profits are: because firms will Select answer this market if profits are less than that and Select answer this market if profits are greater than that.
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select ] ["downward sloping", "unit-elastic", "perfectly inelastic", "perfectly elastic"] meaning that the demand curve is also the [ Select ] ["Marginal Cost curve", "average cost", "marginal revenue = Marginal costs", "marginal revenue curve"] 2. With a perfectly competitive firm the supply curve is: a) Marginal Product b) the marginal cost curve above the Average fixed Cost curve c) it has...
A firm's demand curve for labor in a perfectly competitive market is the downward-sloping portion of its _____ curve. Select one: a. average total cost b. marginal revenue c. total revenue d. value of the marginal product of labor
In a perfectly competitive market, if all fims face identical, constant marginal cost curves, then consumer surplus is the area beneath the market demand curve and above the market clearing price. the area above the market demand curve and above the market clearing price. c the total area beneath the market demand curve. definitely zero.
18. In a perfectly competitive market, individual firms set: A) prices and quantities B) neither prices nor quantities. C) quantiies but not prices D) prices but not quantities 19. The perfectly competitive firm faces a perfectly elastic demand curve because A) t has the ability to set the price and force everyone to buy at that price. it has no ability to control price. B) C) t doesn't; it faces a perfectly inelastic demand curve D) it doesn't; everyone knows...
2. Choose best answer from drop-down menu: 2 points If AGº for a reaction is greater than zero, then Pick the choice that BEST fills in the blank. Choose 3. Choose best answer from drop-down menu: 2 points For a given reaction at equilibrium, AH = -19.9 kJ/mol and AS = -55.5 J/K-mol. The reaction will have at a temperature of Choose 4. Choose best answer from drop-down menu Consider a process for which AH = 211 kJ and AS...
Take a look at the statements below about a purely (or perfectly) competitive market. Indicate whether each statement is true or false by moving the true or false labels to the appropriate boxes. 1. In general, the market demand curve in a purely competitive market is perfectly elastic. False True 2. In general, an individual firm in a purely competitive market faces a perfectly elastic demand curve. 3. An individual firm in a purely competitive market can obtain a higher...