B) when a specific industry will 1) earn the average normal profit? 2) earn a below-average...
B) when a specific industry will
1) earn the average normal profit?
2) earn a below-average profit?
Homework Answers
1) A specific industry will earn the average normal profit when it total revenue is more than total costs. Total costs includes both explicit and implicit costs.
2) A specific industry will earn below average profit when it average cost of production is more than the price that industry charges.
Add Answer to:
B) when a specific industry will
1) earn the average normal profit?
2) earn a below-average...
Possible Answers 1: Earn zero profit, Earn positive profit, shut down, operate at a loss 2: Enter, Exit, Neither 3:Zero...
Possible Answers
1: Earn zero profit, Earn positive profit, shut down, operate at
a loss
2: Enter, Exit, Neither
3:Zero, Positive, Negative
4:10,15,20
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 90 80 70 60 50 40 AC 30 20 AVC MC...
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.
First Blue blank choices: earn a positive profit, operate at a loss, earn zero profit, shut...
First Blue blank choices: earn a positive profit, operate at a
loss, earn zero profit, shut down.
Second Blue Blank Choices: enter, exit, neither enter nor
exit
Third Blue Blank Choices: negative, positive, zero
Last Blank: 10, 15, 20
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...
56,57 Exhibit 89 Marginal cost Average total cost Dollars per unit Average variable cost 92999 Quantity per period 5...
56,57
Exhibit 89 Marginal cost Average total cost Dollars per unit Average variable cost 92999 Quantity per period 56. Refer to Exhibit 8.9, which shows a perfectly competitive firm's short-run output decisions. At price Pa, the form a. produces nothing. b. produces at a specific output to minimize its short-run loss. c. earns short-run economic profit by producing at a specific output. d. is indifferent between producing and shutting down. e, produces at a specific output to earn a normal...
28. You obs observe that a timm's ROE is above the industry average but its profit...
28. You obs observe that a timm's ROE is above the industry average but its profit margin and debt Wo are both below the industry average. Which of the following statements is CORREC Its total assets turnover must equal the industry average. b. Its total assets turnover must be above the industry average. c. Its total assets turnover must be below the industry average. d. None of the above is correct. 29. A firm that has an equity multiplier of...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Financial Analysis Questions on; Industry: Automotive 1. When the debt to equity ratio and long term...
Financial Analysis Questions on; Industry: Automotive 1. When the debt to equity ratio and long term debt to equity ratio is ABOVE the industry average is it bad or good and what does it tell? 2. When the Inventory turnover ratio, Net income/Employees ratio, and Revenue/Employees ratio are BELOW the industry average, what does it tell? Explain and is it bad or good. 3. When the Asset turnover ratio and receivable turnover ratio are ABOVE the industry average is it...
Is an oligopolist more likely to earn an above-normal profit in the long-run compared to a...
Is an oligopolist more likely to earn an above-normal profit in the long-run compared to a monopolistic competitive firm? Explain why or why not?
Question 7 < Previous Next Based on the industry-low, industry-average, and industry-high values on p. 7...
Question 7 < Previous Next Based on the industry-low, industry-average, and industry-high values on p. 7 of the latest issue of the FIR, which one of the following would correctly indicate that one or more elements of your company's costs are too high compared to those of rival companies? Your company's distribution and warehouse costs per pair sold are less than 20% below the industry average in the Asia-Pacific region Your company's operating profit margin in the wholesale segment of...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
Possible Answers
1: Earn zero profit, Earn positive profit, shut down, operate at
a loss
2: Enter, Exit, Neither
3:Zero, Positive, Negative
4:10,15,20
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 90 80 70 60 50 40 AC 30 20 AVC MC...
First Blue blank choices: earn a positive profit, operate at a
loss, earn zero profit, shut down.
Second Blue Blank Choices: enter, exit, neither enter nor
exit
Third Blue Blank Choices: negative, positive, zero
Last Blank: 10, 15, 20
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...
56,57
Exhibit 89 Marginal cost Average total cost Dollars per unit Average variable cost 92999 Quantity per period 56. Refer to Exhibit 8.9, which shows a perfectly competitive firm's short-run output decisions. At price Pa, the form a. produces nothing. b. produces at a specific output to minimize its short-run loss. c. earns short-run economic profit by producing at a specific output. d. is indifferent between producing and shutting down. e, produces at a specific output to earn a normal...
28. You obs observe that a timm's ROE is above the industry average but its profit margin and debt Wo are both below the industry average. Which of the following statements is CORREC Its total assets turnover must equal the industry average. b. Its total assets turnover must be above the industry average. c. Its total assets turnover must be below the industry average. d. None of the above is correct. 29. A firm that has an equity multiplier of...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Question 7 < Previous Next Based on the industry-low, industry-average, and industry-high values on p. 7 of the latest issue of the FIR, which one of the following would correctly indicate that one or more elements of your company's costs are too high compared to those of rival companies? Your company's distribution and warehouse costs per pair sold are less than 20% below the industry average in the Asia-Pacific region Your company's operating profit margin in the wholesale segment of...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
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