Homework Answers
18).
In the LR there are no fixed cost and only variable cost of a firm under a perfectly competitive market. So, at the LR equilibrium price is exactly equal to the minimum of average total cost, => the correct answer is “D”.
For question 15, I need the data, which is not given. Plz, give the data as well as the question.
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Question 18 In long-run perfectly competitive equilibrium, prices tend to fall to the minimum of the...
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...
The typical long-run average cost a firm in the perfectly competitive widget market reaches its minimum...
The typical long-run average cost a firm in the perfectly competitive widget market reaches its minimum average cost at $35/unit at 10,000 units. Draw the long-run market supply curve. Assume that factor prices do not change as the industry expands or contracts.
If long run equilibrium price in a perfectly competitive market is $20 per unit. If government...
If long run equilibrium price in a perfectly competitive market is $20 per unit. If government imposes a $18 per unit price ceiling and firms continue to produce a positive level of output, this implies that for firms after the price ceiling: a) Average total cost is lower than $18 b) Average fixed cost is lower than $18 c)Marginal cost is lower than average variable cost. d)Average variable cost is lower than $18
a typical long-run average cost a firm in the perfectly competitive widget market reaches its minimum average cost at $...
a typical long-run average cost a firm in the perfectly competitive widget market reaches its minimum average cost at $35/unit at 10,000 units. draw the long-run market supply curve. assume that factor prices do not chang as the industry expands or contracts
a declines continually as output increases. Question 8 In perfectly competitive long-run equilibrium: all firms make...
a declines continually as output increases. Question 8 In perfectly competitive long-run equilibrium: all firms make positive economic profits. all firms produce at the minimum point of their average total cost curves. the industry supply curve must be upward sloping. all firms face the same price, but the value of marginal cost will vary directly with firm size. Question 9
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...
2. The long run supply curve for a firm in a perfectly competitive market is A....
2. The long run supply curve for a firm in a perfectly competitive market is A. its LRAC B. Determined by forces external to the firm C. Its marginal cost curve (above average variable cost) D. Likely to slope downward E. Its marginal cost curve (above average total cost) D. Unitary elastic E. Perfectly elastic 2.
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...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
a declines continually as output increases. Question 8 In perfectly competitive long-run equilibrium: all firms make positive economic profits. all firms produce at the minimum point of their average total cost curves. the industry supply curve must be upward sloping. all firms face the same price, but the value of marginal cost will vary directly with firm size. Question 9
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...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
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