Assuming a horizontal long?run market supply? curve, which of the following statements is? (are) TRUE about...
Assuming a horizontal long?run market supply? curve, which of the following statements is? (are) TRUE about competitive firms in the long? run?
A. p? = MC
B. profit? = 0
C. p? = AC
D. All of the above.
Homework Answers
Answer
Option D
all of the above
the perfectly competitive firm produces at MC=P and the price in long run is equal to the AC=P, also the profit is zero in long run because of the free entry and exit.
Profit=(P-ATC)*Q
P=ATC so the profit is zero.
Add Answer to:
Assuming a horizontal long?run market supply? curve, which of
the following statements is? (are) TRUE about...
Multiple Choice - Choose the correct alternative 1. The long-run competitive market supply curve is: a)...
Multiple Choice - Choose the correct alternative
1. The long-run competitive market supply curve is: a) The portion of the firms MC curve that is above the ATC curve b) The portion of the firms MC curve that is above the AVC curve c) The horizontal summation of all the firm's short-run supply curves d) A curve that is equal to the minimum of ATC e) a) and d) 2. Suppose the firms production process is given by Q =...
Which of the following statements is true about a competitive market in the long run? 1....
Which of the following statements is true about a competitive market in the long run? 1. It is possible that existing firms make negative profit. II. It is possible that existing firms make positive profit. Only II. is true. Only I. is true. O Both are true. Both are false. Question 9 (1 point) Suppose that a firm in a perfectly competitive market has sunk fixed cost and If the market price is above the minimum point on 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...
7. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of...
7. Short-run supply and long-run equilibrium Consider the 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 total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) MC D AVC 0 + 0 + 10 + + + + + + + 20 30 40 50 60 70 80 QUANTITY (Thousands of...
5. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of...
5. Short-run supply and long-run equilibrium Consider the competitive market for titanium. 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. 16, 52 COSTS (Dollars per pound) AVC + D + 0 + 3 MC D + + + + + + + 6 9 12 15 18 21 24...
5. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of...
5. Short-run supply and long-run
equilibrium
Consider the competitive market for titanium. 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.
Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost...
7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of...
7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. 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 pound) + MC O AVC 0 5 45 50 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) The following diagram shows the market...
7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of...
7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identi and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) AVC мс о OFFFFF 0 3 6 9 12 15 18 21 24 QUANTITY (Thousands of pounds) 27 30 The following diagram shows the market...
Short-run supply and long-run equilibrium, please and thank you Consider the competitive market for titanium. Assume...
Short-run supply and long-run equilibrium, please and
thank you
Consider the competitive market for titanium. 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 kilogram) ATC + MC O AVC ott 0 5 10 15 20 25 30 35 40 QUANTITY (Thousands of kilograms) 45 50 The...
5. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of...
5. Short-run supply and long-run equilibrium Consider the 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 total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) AVC MC O 0 3 27 30 6 9 12 15 18 21 24 QUANTITY (Thousands of pounds) The following diagram shows the market demand...
Multiple Choice - Choose the correct alternative
1. The long-run competitive market supply curve is: a) The portion of the firms MC curve that is above the ATC curve b) The portion of the firms MC curve that is above the AVC curve c) The horizontal summation of all the firm's short-run supply curves d) A curve that is equal to the minimum of ATC e) a) and d) 2. Suppose the firms production process is given by Q =...
Which of the following statements is true about a competitive market in the long run? 1. It is possible that existing firms make negative profit. II. It is possible that existing firms make positive profit. Only II. is true. Only I. is true. O Both are true. Both are false. Question 9 (1 point) Suppose that a firm in a perfectly competitive market has sunk fixed cost and If the market price is above the minimum point on 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...
7. Short-run supply and long-run equilibrium Consider the 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 total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) MC D AVC 0 + 0 + 10 + + + + + + + 20 30 40 50 60 70 80 QUANTITY (Thousands of...
5. Short-run supply and long-run equilibrium Consider the competitive market for titanium. 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. 16, 52 COSTS (Dollars per pound) AVC + D + 0 + 3 MC D + + + + + + + 6 9 12 15 18 21 24...
5. Short-run supply and long-run
equilibrium
Consider the competitive market for titanium. 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.
Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost...
7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. 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 pound) + MC O AVC 0 5 45 50 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) The following diagram shows the market...
7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identi and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) AVC мс о OFFFFF 0 3 6 9 12 15 18 21 24 QUANTITY (Thousands of pounds) 27 30 The following diagram shows the market...
Short-run supply and long-run equilibrium, please and
thank you
Consider the competitive market for titanium. 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 kilogram) ATC + MC O AVC ott 0 5 10 15 20 25 30 35 40 QUANTITY (Thousands of kilograms) 45 50 The...
5. Short-run supply and long-run equilibrium Consider the 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 total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) AVC MC O 0 3 27 30 6 9 12 15 18 21 24 QUANTITY (Thousands of pounds) The following diagram shows the market demand...
Most questions answered within 3 hours.
-
The free energy change for the following reaction at 25 °C, when
[Sn2+] = 1.17 M...
asked 37 minutes ago -
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 2 hours ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 2 hours ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 3 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 3 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 4 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 4 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 4 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 5 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 7 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 8 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 8 hours ago