In the short-run the supply function of a perfectly competitive firm is best represented by Question...
In the short-run the supply function of a perfectly competitive firm is best represented by
Question 36 options:
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The average variable cost function |
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The average total cost function |
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The marginal cost function |
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The average fixed cost function |
Homework Answers
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The marginal cost function |
| Explanation: The short-run the supply function of a perfectly competitive firm is the short-run marginal cost curve. |
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In the short-run the supply function of a perfectly competitive
firm is best represented by
Question...
1. A. Graph the short-run supply curve for a perfectly competitive firm and explain where this...
1. A. Graph the short-run supply curve for a perfectly competitive firm and explain where this short-run supply curve lies. Indicate the following curves on your graph: marginal cost curve, marginal revenue curve, average-total-cost curve, average-variable-cost curve, short-run supply curve. B Complete the chart for Elmer's Wheat farm. Quantity of Output Total Cost Average Total Cost Marginal Cost Price Total Revenue Marginal Revenue Profit/ Loss 0 $75 $ --- $ --- $ --- $0 $ --- - $75 1 220...
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...
In the short run, the perfectly competitive firm will continue to produce even though it might...
In the short run, the perfectly competitive firm will continue to produce even though it might experience an economic loss if: a.total cost exceeds marginal cost. b.the market price exceeds the average variable cost. c.total revenue exceeds total costs. d.the market price exceeds the average fixed cost.
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.
Which of the following is true with respect to a perfectly competitive firm? It will make...
Which of the following is true with respect to a perfectly competitive firm? It will make small economic profits always or go out of business A perfectly competitive firm has a perfectly inelastic demand curve At profit maximization the perfectly competitive firm operates where total revenue is maximized as well The perfectly competitive firms supply curve is its marginal cost curve above AVC All of the above are true with respect to a perfectly competitive firm Question 5 1 pts...
Question 2. Consider a perfectly competitive firm maximizing profits in the short run. It uses on...
Question 2. Consider a perfectly competitive firm maximizing profits in the short run. It uses only one variable input and the associated cost functions have the usual shape. The following information is given: (i.) the marginal product of labor is 10. (ii.) the firm is making zero profits. (ii.) the average total cost is 6. (iv.) the average product of labor is either 8 or 12. Use this information to answer the following questions. lustrate your answers with a diagram...
A perfectly competitive firm will earn a profit in the short run when it produces the...
A perfectly competitive firm will earn a profit in the short run when it produces the profit-maximizing quantity of output and the price is: 1) greater than marginal cost. 2) less than marginal cost. 3) less than average variable cost. 4) greater than average total cost.
8. In the short run, a perfectly competitive firm will shut down if it is producing...
8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
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.
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...
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...
Which of the following is true with respect to a perfectly competitive firm? It will make small economic profits always or go out of business A perfectly competitive firm has a perfectly inelastic demand curve At profit maximization the perfectly competitive firm operates where total revenue is maximized as well The perfectly competitive firms supply curve is its marginal cost curve above AVC All of the above are true with respect to a perfectly competitive firm Question 5 1 pts...
Question 2. Consider a perfectly competitive firm maximizing profits in the short run. It uses only one variable input and the associated cost functions have the usual shape. The following information is given: (i.) the marginal product of labor is 10. (ii.) the firm is making zero profits. (ii.) the average total cost is 6. (iv.) the average product of labor is either 8 or 12. Use this information to answer the following questions. lustrate your answers with a diagram...
8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
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