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.
Homework Answers
All firms have identical cost conditions. Hence, in the case of a constant cost industry, the long-run supply curve LSC is a horizontal straight line (i.e., perfectly elastic)
Answer-E
Add Answer to:
2. The long run supply curve for a firm in a perfectly
competitive market is
A....
please answer all 16. To say that a firm is a price taker means that: a....
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select...
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...
Suppose the market for wheat is perfectly competitive. Suppose further the long-run supply curve in this...
Suppose the market for wheat is perfectly competitive. Suppose further the long-run supply curve in this market is increasing. Explain briefly if and how each of the following varies as market quantity increases: i) The number of firms ii) Input prices iii) Long-run profits Suppose firms in a monopoly competitive market produce their profit-maximizing quantity, and their average total cost equals their marginal revenue. Should firm entry or exit in the long run?
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Please answer the following 3 questions: QUESTION 1 In the short run, the perfectly competitive firm...
Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
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...
In a perfectly competitive market, the price that the firm faces from supply and demand is...
In a perfectly competitive market, the price that the firm faces from supply and demand is also equal to: a. average variable cost. b. marginal revenue and average revenue. c. average revenue but never marginal revenue. d. long run average cost in 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...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
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...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
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...
11. In drawing an isoquant curve, what is measured on the axes? a. the prices of the inputs b. price and output c. the physical quantities of the two inputs d. expenditure on the two inputs e none of the above 12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve...
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...
Most questions answered within 3 hours.
-
Raleigh Department
Store uses the conventional retail method for the year ended
December 31, 2016. Available...
asked 3 minutes ago -
Calculate the entropy change for the hypothetical process in
which 0.5 g of ice at 0°C...
asked 4 minutes ago -
Your car is worth considerably less money than you owe.
This is an example of the...
asked 4 minutes ago -
Consider the economy of Freeland, whose overall actual price
index and actual output are P and...
asked 5 minutes ago -
Suppose that the production function takes the form Q=L-0.7L^2.
In addition, marginal revenue is $10 and...
asked 12 minutes ago -
If you were in charge of the selection and purchase of a display
system for the...
asked 12 minutes ago -
I just took a final for chemistry 2. There were alot of
questions on cell potential....
asked 17 minutes ago -
In which region of the country did Methodists and
Baptists have the largest following?
a. The...
asked 17 minutes ago -
A man is standing on a ledge when he throws a ball. The speed of
the...
asked 25 minutes ago -
Facebook Marketing benefit: How is this tool useful for
marketing purposes? Identify and explain at least...
asked 37 minutes ago -
What are the five considerations relevant to the
substantive fairness of a dismissal for permanent incapacity?...
asked 36 minutes ago -
Prince Electronics, a manufacturer of consumer electronic
goods, has five distribution centers in different regions of...
asked 39 minutes ago