If, as a perfectly competitive industry expands, it can supply larger quantities only at a higher...
If, as a perfectly competitive industry expands, it can supply larger quantities only at a higher long-run equilibrium price, it is
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a fixed-cost industry. |
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an increasing-cost industry. |
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a constant-cost industry. |
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a decreasing-cost industry. |
Homework Answers
An increasing-cost industry.
Explanation: The firms can supply larger quantity only when price increases as the firms face higher costs as production increases.
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If, as a perfectly competitive industry expands, it can supply
larger quantities only at a higher...
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the...
If the long-run market supply curve in a perfectly competitive industry is upward sloping, then the industry: -is a constant-cost industry. -is an increasing-cost industry. -exhibits constant returns to scale. -exhibits increasing returns to scale. -is a decreasing-cost industry.
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A....
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A. the firm's short-run supply curves will shift to the right. B. the industry's short-run supply curve will shift to the right. C. the industry's long-run supply curve will shift downward or to the right D. All of the above statements are true. E. Only A and B are true. D, a, ap, o, 38. In a perfectly competitive, constant-cost industry, the long-run equilibrium price...
The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is o perfectly inelastic. o...
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1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face monthly demand given by Qp = 1000 - P and have access to a production technology that yields a cost function TC(Q:) = 40? + 100Qi + 100 where Q denotes units produced per month. Assume the only difference between short-run and long-run costs is T C(0) = 100 in the short run and TC(O) = 0 in the long run (which is consistent...
Consider a perfectly competitive market for titanium. Assume that all firms in the industry are identical and...
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Suppose that a particular firm is in a perfectly competitive constant-cost industry. When it is using...
Suppose that a particular firm is in a perfectly competitive constant-cost industry. When it is using the optimal amount of capital for the long-run, total cost is C(q)=1000+(q2/10), ATC(q)=(1000/q)+q/10, and marginal cost is MC(q)=2q/10. This implies that ATC=MC at a quantity of 100 and a per unit cost of $20. 1. At what quantity is average total cost minimized? 2. What is the long-run competitive equilibrium price? 3. If market demand is QD=12,000-200P and short-run market supply is QS=300P, what...
If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of...
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In the long run, all of the firms in a perfectly competitive industry will: exit the...
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